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- Dogecoin (DOGE) and Shiba Inu (SHIB) have recently experienced declines of 5% and 6% respectively. Other memecoins also saw declines, while FLOKI Inu (FLOKI) gained 8% in a week.
- Analysts suggest Shiba Inu may be priced at an all-time low, indicating potential upside.
- Shibarium, SHIB’s layer-2 blockchain solution, demonstrates rapid growth, including a successful burning mechanism.
Shib, Doge and More punch out
The latest downturn in the cryptocurrency market has affected many digital assets, most of which are from the memecoin sector. According to data from CoinGecko, the coin with the largest market capitalization – Dogecoin (DOGE) – has fallen more than 2% in the last 24 hours and is down nearly 5% on a monthly basis.
The self-proclaimed Dogecoin killer – Shiba Inu (SHIB) – has fallen more than 6% over the past 30 days, while Pepe Coin (PEPE) has fallen more than 8%.
Bone ShibaSwap (BONE), Doge Killer (LISH), and Dogelon Mars (ELON) are also on the decline, with losses of 17%, 13%, and 8% respectively over the past month.
Floki Inu (FLOKI) is one of the few people who lived in green for that period. Moreover, it has gained a substantial 8% in the last seven days.
Memecoins are an extremely interesting area of the cryptocurrency sphere. We have recently uploaded a video showcasing such leading tokens and their specifications.
Did SHIB find the bottom?
Some experts and analysts have recently said that the price of Shiba Inu has bottomed out, which means it is expected to rise soon. One such example is X (Twitter) user $SHIB KNIGHT, who believed that the coin’s valuation could increase by 300% in the near future.
The successful implementation of Shiba Inu’s burning mechanism and further progress by layer-2 blockchain solution Shibarium are also highlighted as bullish factors.
The latter saw the light of day in late August and has already made several achievements. Recently, it reached the milestone of one million blocks, highlighting the growing demand for scalable features. Those who want to know more about Shibarium and its purposes can take a look at our dedicated video below:
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