Is Shiba Inu Dead? SHIB Continues to Slump as Traders Switch to New Meme Coin

The post Is Shiba Inu Dead? SHIB Continues to Slump as Traders Switch to New Meme Coin appeared first on Coinpedia Fintech News

Shiba Inu has fared disappointingly, falling 10% today and 20% this week. Its performance makes it the worst-performing top-20 crypto. But while traders pull funds from SHIB, the new presale meme coin PlayDoge continues to grow – could it provide an alternative to struggling major meme coins?

SHIB Dumps Amid Crypto Market Downturn Led By BTC 

Shiba Inu has been hit the hardest as the crypto market faces sweeping sell pressure.

The event is caused by Bitcoin ETF outflows, with macroeconomic analyst Thomas Fahrer noting that Fidelity sold $92 million worth of BTC yesterday, which marks three consecutive days of selling.

Meanwhile, data from Farside Investors reveals that $142 million in outflows occurred on Monday.

The ETF selling has had a knock-on effect across the market, with a sweltering $305 million in crypto-long liquidations taking place today, per CoinGlass data.

$15 million of those long liquidations were on Shiba Inu, which has plunged 10% as a result. As such, its market cap is down over $1.2 billion today.

SHIBs higher time frame also paints a gloomy picture, with its price freefalling 20% this week, 27% this month, and almost 50% from its local high in March.

As its price chart shows, SHIB has plunged below its range support, which could exasperate its bearish momentum.

Trader DollarSaenz weighed in on Shiba Inu’s higher time frame outlook.

The analyst noted that the crypto market’s recent bearish momentum is due to U.S. interest rates being held at the current levels despite the market’s anticipation of a rate cut.

He says crypto prices currently depend on macroeconomic data, including inflation, employment figures, economic growth etc.

DollarSaenz anticipates SHIB to follow the broader market and says:

“There might be a little reprieve as crypto keeps fighting to push out and eventually break out to new heights.”

So, while there may be some downside movement ahead, the analyst remains optimistic that SHIB will recover alongside the broader crypto market.

But while other cryptocurrencies have struggled recently, the newly launched PlayDoge has continued to rally.

It is undergoing a presale and has raised a staggering $4.6 million in three weeks.

PlayDoge Defies Market Slump as Presale Nears $5M Milestone

Leading analysts anticipate up to 10x returns are on the horizon for PlayDoge as its presale gathers pace.

The project’s use case is a crossover between meme coins and Play-to-Earn (P2E), embedding $PLAY within two of crypto’s hottest narratives and providing multiple demand streams.

The project is inspired by the popular 1990s Tamagotchi game but raises the stakes with a modern twist and financial incentives.

Like Tamagotchi, PlayDoge users will care for an 8-bit pet, ensuring it’s well-fed and happy. 

They will generate XP for engaging with their virtual pet, which will push them up the project’s leaderboard and earn them more $PLAY tokens.

Intertwining a nostalgic outlook with its P2E-meme coin use case has provided rapid success.

In addition to its $4.5 million raised, support from well-known traders like Jacob Bury has been flooding in. In a recent video, Bury speculated 10x returns are likely.

Alongside hailing PlayDoge’s use case, he alluded that the token could get listed on big exchanges.

Currently, the $PLAY price is $0.00509. However, this will rise throughout the campaign, with the next increase in ten hours.

Visit PlayDoge Presale