Shiba Inu Crashes as a New $5.3 Million Dog Coin Emerges
As meme coin markets strive to rebound from a significant dip, volatility remains high. Shiba Inu is particularly hard-hit, with its price tumbling once again.
This article will provide an analysis of SHIB’s current price trends and look to see whether an innovative new meme coin, PlayDoge, represents a more promising investment opportunity at this time.
I told you this day was coming… $SHIB will step out into the light to become a POWERHOUSE international enterprise. @ShytoshiKusama is step 1, he will lead the way!!! #1CentDreamSHIB https://t.co/cRPUvyUYmc
— Del Crxpto (@DelCrxpto) July 1, 2024
Community members throughout the Shiba Inu scene are currently shifting into strong bullish sentiment despite the downtick in price action amid news that SHIB has finally made its first US payment partnership and further tease from top developer Shytoshi.
As price action fights to hold position, Shiba Inu is currently trading at a market price of $0.00001715 (representing a 24-hour change of +0.29%).
This comes as SHIB price continues its -62.45% cascading downturn, which has gripped the chart since rejection from resistance at the YTD high around $0.000045 on March 5.
Despite continued efforts by developers like Shytoshi, and legioned loyalty from the SHIB army, it seems nothing can halt the ongoing downside move – with SHIB price firmly trapped in a descendant trajectory by the 20DMA.
More worryingly, this key 20DMA has now converged with the higher price level at $0.000018 to create a seemingly bullet-proof layer of upside resistance.
Furthermore, the loss of support at $0.000018 has left the SHIB price extremely vulnerable to a capitulation drop that could see Shiba Inu holders cast back to the same levels as 2023.
Therefore, the past
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