- The article explores how Shiba Inu (SHIB) suffered a 40% price drop amidst PEPE’s 35% surge, reflecting a shift in investor sentiment towards the latter.
- Despite SHIB’s struggles, there are signs suggesting a potential price rebound towards the $0.000020 level amid changing market dynamics.
In recent weeks, the cryptocurrency market has witnessed significant shifts, particularly within the realm of memecoins. Shiba Inu (SHIB) and PEPE have been at the forefront of this battle, each showing contrasting price movements and investor sentiments.
SHIB Price Tanks 40% as PEPE Gains Prominence
The Shiba Inu price reached a peak of $0.000017 on June 27, reflecting a 7% decline within the weekly timeframe. On-chain data indicates that the price dip was influenced by investors shifting their focus to PEPE, another memecoin hosted on the Ethereum network. Since June 12, daily transaction volumes for Shiba Inu have plummeted by 21 trillion SHIB. Meanwhile, PEPE has shown remarkable resilience, leading to a significant rise in its market traction.
This week, the SHIB price plunged to a 100-day low of $0.000016, marking a 37.9% drop. Despite a slight recovery to $0.000017, SHIB’s performance remains lackluster compared to PEPE’s impressive 35% rebound. The comparison highlights the growing preference for PEPE among investors, further evidenced by SHIB’s trading volume crashing by over 90% since its peak on June 11.
SHIB Trading Volume Drops Amid PEPE’s Surge
As the data shows, SHIB’s monthly trading volume peaked at 23.97 trillion SHIB on June 11. However, this figure dramatically fell to just 2.37 trillion SHIB by June 26. This steep decline in trading activity aligns with PEPE’s rising prominence, suggesting a clear shift in investor interest. The persistent drop in SHIB’s volume implies that traders are favoring PEPE, possibly due to its improved market sentiment and robust performance during the crypto market dip.
SHIB Price Forecast: Imminent $0.000020 Retest
Despite recent challenges, SHIB’s price may be poised for a rebound. The Relative Strength Index (RSI) indicates that SHIB has moved out of oversold territories for the first time in 10 days, reaching 31.84 on June 27. Additionally, Bollinger Bands analysis shows SHIB trading near the lower band, a potential signal for a price rebound.
The key resistance level to watch is the middle band around $0.000018. A successful break above this level could propel SHIB to test the upper band near $0.000020. Conversely, the lower band at $0.000016 serves as a critical support level. Failure to maintain this support could lead to further declines.
While SHIB has faced significant challenges in recent weeks, particularly with the rise of PEPE, there are indicators suggesting a potential price rebound. Investors will be closely monitoring key resistance and support levels as SHIB navigates this volatile market.
