Shiba Inu (SHIB) Hits New Lows as Meme Coins Lose Popularity
Shiba Inu attempts to stabilize beneath the vital support floor at $0.00002915.
Shiba Inu (SHIB) recently explored levels beneath $0.000030, and the meme coin appears to head lows as the global market sell-off intensified within the past few sessions. The 5 January global market crash had most tokens in the crypto industry losing ground.
Meme Tokens Lose Market Share
Though Shiba Inu holders topped 1.1 million recently, they have failed to support the token as it battles lower zones. Meanwhile, the DOGE competitor has seen whale attention over the past months. Surprisingly, whale actions could not bolster the SHIB.
For now, Shiba Inu ranks 14 in the crypto-list by market value, with its market cap hovering at $16.1 billion. The leading canine-themed token, Dogecoin, tanked 13, boasting a market capitalization of $20.4 billion (Coinmarketcap data feed).
Dogecoin and Shiba Inu have lost glory to different projects recently. Indeed, meme coins are losing popularity. With that, SHIB might require additional surging catalysts to reverse the current plunging trend.
Testing $0.00002915 Support Might Mean Multi-Month Lows for SHIB
Shiba Inu is testing the support floor at $0.00002915 at the moment. The meme token has retested this support barrier multiple times, and the level proved reliable. If the coin drops beneath this mark, it will see additional downward strength, hitting the foothold at $0.000027. Moving beneath this area will open the door to the support mark at $0.00002350.
On the other hand, the closest resistance zone for Shiba Inu stood at $0.000032. If the meme coin surges past this area, it will head to the following resistance zone at a 20 exponential moving average at $0.00003350. Overcoming this level will see the altcoin rising towards the hurdle at $0.000035.
According to the one-hour chart, Shiba Inu's price seems to secure material support around $0.00002915. Meanwhile, the Relative Strength Index has swayed to the moderate region again. So, Shiba Inu might witness more downward strength in the short term with persisting market sell-off.
What are your opinions on meme coins? Will the assets see attention this year? You can comment below.