Shiba Inu and Dogecoin, which revolutionized the meme coin industry, have stalled this year and underperformed their peers. SHIB price has barely moved in 2023 even as Bitcoin has jumped by over 120%. Dogecoin, on the other hand, has risen by less than 10%.
Why SHIB and DOGE are struggling
Dogecoin and Shiba Inu were two of the hottest meme coins in 2021, which explains why they are multi-billion dollar assets. Dogecoin has a market cap of over $11 billion while Shiba Inu is valued at more than $4.9 billion.
The two have lost momentum as investors focus on other cryptocurrencies. Some of the fastest-growing tokens this year are newer meme coins like Bonk, Pepe, and Memecoin, which are all worth over $1 billion.Â
Dogecoin has stalled because Elon Musk, who famously boosted it in 2021 has stayed in the sidelines. He has not talked or even tweeted about it in the past few months. As a result, most investors have avoided the coin.
Shiba Inu, on the other hand, has had a difficult year. It started the year well as investors waited for its Shibarium launch. It soared to a high of over $0.000015 in February and then pulled back to the current $0.0000082.Â
This price action is known as buying the rumour and selling the news. While Shibarium has already been launched, it has not done much to boost Shiba Inu’s ecosystem.Â
Taken together, the daily traded volume of SHIB and DOGE has been lower than its historical levels. In the past 24 hours, only $130 million worth of SHIB and $395 million worth of Dogecoin were traded.
Shib Memu could be the next big thing
As Shiba Inu and Dogecoin have lost traction, other smaller and newer meme coins like Bonk and Pepe have become popular. Bonk has surged by over 2,100% from the lowest level this year.Â
Similarly, Pepe has more than doubled from its YTD low. This is a sign that investors are becoming more interested in newer meme coins in this crypto bull run.Â
Therefore, there is a likelihood that Shiba Memu will be the next big thing in the crypto industry. For example, the developers have already raised over $4.6 million in the past few months.Â
It aims to do this by combining the virality of meme coins and artificial intelligence (AI). It will use AI to create viral marketing campaigns, which will help it reach millions of people every day. You can buy Shiba Memu here.
Like all financial assets, there are risks for investing in Shiba Memu. Its price could crash, as we have seen with other crypto tokens. Therefore, you should use quality risk management strategies to prevent huge losses. For example, you should only invest a small portion of your portfolio in it.
The post As Shiba Inu, Dogecoin stalls, is Shiba Memu the next big thing? appeared first on CoinJournal.
