- Shiba Inu token holders with 186.38 trillion SHIB holdings are currently underwater as the meme coin battles key resistance at $0.00001011.
- Meme coins like Dogecoin, PEPE, Baby Doge Coin are battling for dominance, with the rise of the meme coin season narrative.
- Expert report by CoinGecko reveals that Shiba Inu is the most popular meme coin in the US, generating 60.7% interest.
Shiba Inu wallet addresses holding nearly 186.38 trillion SHIB tokens are underwater at the current price level of $0.00001011. The meteoric rise in meme coins like PEPE has intensified the battle for dominance among Shiba-Inu-themed assets.
Also read: PEPE holders realise massive profits as Pepe Coin rallies 300% over the weekend
Shiba Inu battles key resistance amidst meme coin battle for dominance
Shiba Inu, the second-largest meme coin in the crypto ecosystem is currently battling key resistance at $0.00001011. Based on data from crypto intelligence tracker IntoTheBlock, 186.38 trillion Shiba Inu tokens held by upwards of 143,000 wallet addresses are currently underwater.
Shiba Inu tokens underwater at $0.00001011
Nearly 143,000 Shiba Inu holders are sitting on unrealized losses as the meme coin struggles with resistance at $0.00001011. Shiba Inu is tackling key resistance at $0.00001100, once the meme coin battles this level, the volume of SHIB underwater will reduce. This would fuel a bullish thesis and recovery in the meme coin.
PEPE Coin’s rise and impact on Shiba-Inu-themed meme coins
PEPE yielded upwards of 300% gains for holders over the weekend and continued its rally this week. With a massive spike in its 24-hour trade volume, PEPE challenged Dogecoin and Shiba Inu’s dominance in the category.
PEPE’s 24-hour trade volume left Dogecoin in the dust, shifting the spotlight from Shiba-Inu-themed meme coins to PEPE Coin.
Despite the current state of meme coins, Shiba Inu has retained its popularity among traders in the US, emerging as the most popular asset in the category.
2/ The most popular meme coin in the US this year is $SHIB, which generated 60.7% of US interest in meme coins.
— CoinGecko (@coingecko) May 3, 2023
Recent trending crypto $PEPE drove another 11.8% of meme coin interest in the US, followed by $BONK and $VOLT.
SHIB generated 60.7% of US interest in meme coins, according to CoinGecko’s report. PEPE drove another 11.8%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.