SHIB is facing tough times as it ranks among the worst-performing tokens in the last 24 hours. This is pretty surprising, because it is one of the most popular memecoins.
Who’s been a bad doggo?
Of course, Shiba Inu holders shouldn’t be too worried about the price drop, as many believe this decline is just a healthy correction.
After an epic rally for the second-largest memecoin, some investors decided to take their profits, leading to the recent fall. Holders are strong, but traders are moving markets.
Looking at the past week, Shiba Inu has actually been one of the best-performing cryptocurrencies, gaining a nice 34%.
Just last Friday, it was leading all tokens in the top 100 due to its unexpected rally.
Even with this dip now, it remains one of the top gainers for the week, trailing only behind some rival memecoins. Pepe has surged by 37%, and dogwifhat has increased by 34.1%.
Game of memecoins
Dogecoin, which is Shiba Inu’s main competitor, has seen a boost of over 4% in the past day.
This rise allowed Dogecoin to overshadow SHIB, making it the second-best-performing crypto in the top 100. The big dog now is BONK with a 4% increase in the same timeframe.
There is no one coin above all?
XRP also making headlines showing a price increase of 3.2%, but it’s a memecoin only by its critics, not in reality. Both Pepe and Solana-based dogwifhat have also risen by more than 2%.
Now traders have the hopium as if Shiba Inu can regain momentum and attract more buyers after this correction, it might bounce back stronger in the coming days, and we get a second rally.
The competition among these memecoins continues to heat up, and they’re just began.
