Shiba Inu ($SHIB) and the family of large-cap doge-themed meme coins have taken some heavy losses over the last 24 hours and over the last week as Web3 investors throw their money into smaller projects, banking on some festive upside.
Shiba Inu fell 6.9% overnight and 17.7% over the week and currently changes hands at $0.00002412.
It appears to be broadly tracking the price movements of its inspiration, Dogecoin ($DOGE).
The original and biggest meme coin $DOGE dipped 7% overnight and shed 13.6% of its value over the week to trade at $0.3601 as of this writing.
For context, in the last 24 hours, crypto’s lofty $3.69 trillion market has fallen 4.4%, while the meme coin sector, which corners a towering $117 billion of the market, has crashed 9.1%.
Original cryptocurrency and market leader Bitcoin ($BTC), which usually sets the pace for the rest of the market to follow, is proving resilient today after only sheding 2.3% overnight and actually growing 0.7% over the week to trade at $101,696.
Its market cap remains slightly above $2 trillion.
Bitcoin’s number one rival, Ethereum ($ETH), shed 5.1% overnight and a nominal 6.1% over the week to trade at $3,676.
Shiba Inu: Where Will it Go Next?
Shiba Inu holders probably don’t have anything to fear by the recent adverse price movements.
All in all, the token’s performance has held up better than other Shiba Inu coins, like Bonk ($BONK) and Floki ($FLOKI), which both shed around 24% over the week, while DogWifHat dropped 27%.
In fact, $SHIB may even be rebounding soon.
As we can see by the green line on the chart below, support for the token had been rising over the last three months until the overnight meme coin crash.
Source: TradingView
The token’s relative strength index (RSI) is another helpful indicator of an incoming recovery. Shiba Inu’s RSI is currently at 40 and rising.
This indicates the token is rebounding out of oversold territory and, thanks to some market-wide dip, buying will help consolidate recent gains and stabilize at $0.000026.
Interestingly, newer coins such as Movement, PENGU, and Hyperliquid have been catching a bid during this sell-off.
If current momentum continues, we may begin to see new trends emerging as we approach the new year.
Meme Coin Investors Exit Doggy Coins For Slap-to-Earn Catslap
Incidentally, one of the biggest reasons Shiba Inu and the doge meme coins are struggling is because there is no shortage of competition heading into the festive period.
Right now, a brand new Ethereum meme coin that launched directly to DEXs recently called Catslap ($SLAP) has gone viral among meme coin investors.
It debuted on Uniswap last month, and within 24 hours it had blown up over 1,500% as investors bundled in, intrigued by the project’s tap-to-slap mini game.
The game is on Catslap’s official website, where players click (or tap) the screen in order to animate a gif of the viral slapping cat.
The game logs slaps by country and distributes rewards to the nation at the top of the leaderboard.
And those slaps pay off too. Recently, the project announced that Catslap players can enable a new slap-to-earn feature that rewards high ranking players with $SLAP. This feature, alongside a new Zealy social quests campaign and airdrop, has driven Web3 savvy investors into the meme coin some are calling “the next Popcat.”
Find Catslap it either via Uniswap or directly via the official website, where 1 SLAP is $0.0049643
The post Shiba Inu Sells Off as Traders Starts Shifting Money Around appeared first on Cryptonews.
