Is Shiba Inu (SHIB) Downfall Due to Memecoins Dominance?

• Newer memecoins ruling over SHIB in the crypto market.
• In the last 24hrs, 8M SHIB tokens were transferred to a dead wallet.

In recent times, Shiba Inu (SHIB) tokens have been performing well with the highest burn rate and unusual transfer of huge tokens. This resulted in the maximum count of SHIB active holders correspondingly. Meanwhile, there are several memecoins that emerged with a massive peak in their price. Some of the coins namely PEPE, WOJAK, and CHAD.

What’s New in Memecoins?

PEPE, a memecoin featuring a frog has been increasing its popularity in the crypto world. Currently, it has possessed holding 10,000 active holders over a maximum total supply of around 420 trillion tokens in the market. As per CoinMarketCap, the price of PEPE values to $0.0000002716 at a 130.92% increase in trading volume.

On the other hand, WOJAK is another memecoin connecting people through memes launched this week. This Ethereum-based memecoin got listed in Bitget, a crypto exchange along with PEPE. The market price started skyrocketing as soon as it got listed. Currently, the price of Wojak ranges at $0.0001388 at an 11.51% decrease in the trading volume.

Alongside, CHAD is also a memecoin that rallies in the current crypto market. This has become extremely bullish among cryptocurrencies. For now, UniSwap v2 and v3 have listed CHAD for trading. However, it possesses a maximum supply of around 235 billion tokens and is currently priced at $0.00001516 at a 4.45% increase in trading volume as per CoinMarketCap.

The rise of various memecoins with drastic support and opportunities might be the reason for the price decline of SHIB at the moment. Now, as per CoinMarketCap, SHIB ranges around $0.0000109 yet 8 million tokens have been transferred to a dead wallet in the last 24 hrs.

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