Shiba Inu coin (SHIB) price has become a hot topic once again as the memecoin season is peaking in the cryptoverse. Memecoins like PEPE & GENSLR have one bonkers, generating astronomical gains for the holders. However, SHIB price has failed to garner any new investor interest and is still trending downwards.
Shiba Inu coin is not the only popular memecoin lagging behind PEPE as DOGE, Floki, and Safemoon also remain unfazed by the ongoing hype. On Tuesday, SHIB turned red for the third consecutive day as it fell by 0.3%. At the start of its London session, the top dogcoin was trading at $0.00000993.
SHIB vs PEPE Coin
After a brutal winter for the memecoins, finally, the investor interest in these risky assets has soared once again. Most of the ongoing memecoin mania can be attributed to the PEPE coin, which is the new memecoin in town. The coin was launched in the mid of April 2023 and has been surging since then.
According to the latest news, PEPE has become the 3rd biggest memecoin with a market capitalization of $539 million. This has become a major cause of concern for the SHIB holders, which is currently the 2nd biggest memecoin. Even though the Shiba Inu coin price hasn’t performed well lately, its market cap still remains ten times more than the PEPE coin.
Shiba Inu Coin Price
On a daily timeframe, SHIB price has been trading inside a very tight range for the last two months. This is the $0.00001171-$0.00000993 range. The top of this range acts as resistance, while there is good support at the bottom. There have been multiple retests of the range lows and the range highs without any breakout in either direction.
However, I expect a breakout from this range very soon, depending on the BTC price action. If BTC bounces off its current $28k price and targets $32k, then Shiba Inu coni price prediction will also flip bullish. On the other hand, if BTC drops to the $25k level, then I expect SHIB to retest its $0.00000779 support.
I will keep posting my updated SHIB analysis and the next 1000x gems in my free Telegram group, which you’re welcome to join.
