The famous meme coin Shiba Inu (SHIB) is suffering as a result of the intensifying competition among cryptocurrencies. Due to its reduced market capitalization, SHIB has slid from its former position ans currently sitting at the 18th rank, closely behind LINK.
Shiba Inu Market Research
Leading market watchers are intrigued by the dynamism of Shiba Inu. SHIB has continually demonstrated its determination to investigate new price levels as a meme currency with a sizable community, while facing severe barrier from the current pessimistic market attitude.
The goal for SHIB holders and supporters amid this continuous consolidation is not merely to compete with other cryptocurrencies, but also to retain SHIB's ranking among the top 20 highly capitalized altcoins. While SHIB has a chance to stay among the top tokens, the expansion of its closest competitors is straining its total efforts.
Dogecoin Market Research
The top-ranked memecoin, Dogecoin, has had a difficult time lately with a 4.51% fall over the last 30 days.
A number of causes, the most significant of which being the general drop in the cryptocurrency market, may be blamed for the decline in Dogecoin's value. The broader market downturn has eroded trust in the cryptocurrency industry, and Dogecoin is no exception to the widespread pessimism.
Dogecoin's trend over the last year has been primarily negative, with sporadic modest price increases that, regrettably, were not enough to reverse the prevailing gloomy mood.
Based on data from CoinMarketCap, Shiba Inu is currently trading at a price of $0.000007223 with a market capitalization of $4,257,307,090 while its co memecoin, DOGE, is currently trading at $0.06101 with a market cap of $8,633,534,491.
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