Although Shiba Inu (SHIB) is the second-largest meme coin available, dogwifhat (WIF) poses a serious threat to it in one area. Does this suggest that SHIB will continue to decline on the daily chart, or is a recovery more likely?
Do Shiba Inu Investors Choose WIF?
Since the start of March, the price movement of Shiba Inu has been dismal. Dogwifhat is making matters worse for the altcoin, which has already been having difficulties. The meme currency is currently the third largest meme coin worldwide after becoming popular overnight.
WIF, whose market capitalization is under $4 billion, is competing fiercely with SHIB, whose market value is nearly four times more at $15.7 billion. In the past 24 hours, WIF has transacted approximately $903 million, and SHIB has recorded $972 million in volume.
This view will probably spread because a significant portion of SHIB is going to start to lose money. The SHIB worth over $2.52 billion, or more than 77.44 trillion, is on the verge of going out of business. This supply was purchased at a price ranging from $0.00003100 to $0.00002500, and the altcoin is on the verge of crossing the lower range.
SHIB Price Forecast: Near Monthly Lows
Following two days of more than 15% correction, the price of Shiba Inu is getting close to dropping below $0.00002584. This support line has already been put to the test several times, so it would be rather significant to fail. It's likely that SHIB will gradually drop to test the $0.00002268 support level. In light of the previously described circumstances, this slide may continue past this critical support level.
The significance of the $0.00002584 support line, however, suggests that the Shiba Inu price may be able to bounce back and retake $0.00002853. This level might flip into support, invalidating the bearish picture and allowing SHIB to cross $0.00003000 again.
This indicates that SHIB's potential is diminishing and that WIF is emerging as a serious competitor. This view will probably spread because a significant portion of SHIB is going to start to lose money. The SHIB worth over $2.52 billion, or more than 77.44 trillion, is on the verge of going out of business. This supply was purchased at a price ranging from $0.00003100 to $0.00002500, and the altcoin is on the verge of crossing the lower range.
April 2024, Cryptoniteuae