Shiba Inu (SHIB), the second-largest meme token in the market, is facing significant competition from Dogwifhat (WIF) in one aspect. Could this situation lead to a further decline in SHIB’s daily chart, or is there a chance for recovery?
Movement in Meme Tokens
The price movement of Shiba Inu has been disappointing since the beginning of March. Despite having only a $4 billion market capitalization, WIF provides significant competition to SHIB, which has nearly four times the market value at $15.7 billion. WIF’s total trading volume in the last 24 hours was about $903 million, while SHIB recorded a volume of $972 million.
This situation indicates that SHIB’s potential is diminishing, and the emergence of WIF is getting the value for its money. A large portion of SHIB is on the verge of loss, and this sentiment could likely extend. More than 77.44 trillion SHIB, worth over $2.52 billion, is close to losing profitability. This supply was purchased between $0.00003100 and $0.00002500, and the altcoin is already close to falling to the lower range.
Support Line for SHIB
The price of Shiba Inu is approaching a drop below $0.00002584 after recording a correction of more than 15% in two days. This support line has been tested many times in the past, making a break quite significant. SHIB could potentially move down to test the support level at $0.00002268. Considering the conditions mentioned above, the decline could extend beyond this critical support level. However, considering the importance of the $0.00002584 support line, the Shiba Inu price could recover and reclaim $0.00002853. If this level is converted to support, the bearish outlook could be invalidated, and SHIB could once again surpass $0.00003000.
