Popular ERC-20 meme coin Shiba Inu ($SHIB) is underperforming relative to Bitcoin ($BTC) ($BTC) and Ethereum ($ETH) today as holders exit their positions in search of fresher investment opportunities.
In the last 24 hours the $SHIB token fell 2.4%, posting greater losses than the market leader, which remains virtually unchanged, while Ethereum only fell about 0.6% and market leading meme coin Dogecoin ($DOGE) depreciated by 1.2%.
At its current price of $0.00001381, Shiba Inu is 30% up from its price this time last year.
By comparison, the world’s favorite cryptocurrency, Bitcoin ($BTC) is up 103%, Ethereum ($ETH) added 44% over the year, and $SHIB’s top rival, OG doge meme coin Dogecoin ($DOGE) has grown 39% over the last 365 days.
Shiba Inu Price Analysis – Where is SHIB Headed Next?
According to Shiba Inu’s price chart, the token has been in decline all summer, despite posting a recent high of $0.00002 in the middle of July.
This level is likely to form a strong psychological resistance barrier in an uncertain market, which may well be the case following last week’s crypto crash and current global geopolitical tensions exacerbating an already conservative economic outlook.
Source: TradingViewWith a relative strength index (RSI) hovering around 50, Shiba Inu is valued well right now, but recently added privacy features and an announcement last week about a new auto-burn function in the network’s proprietary Ethereum layer 2, Shibarium, failed to give $SHIB the leg-up its team were hoping for.
Shiba Inu Goes In For A Shootout
While $SHIB holders were lamenting their losses, watchers of small cap emerging projects have been quietly piling into a new Shiba Inu-themed coin that has the potential to make doggy giants like DogWifHat ($WIF), Floki ($FLOKI) and Bonk ($BONK) obsolete this year: enter Shiba Shootout.
Shiba Shootout ($SHIBASHOOT) is a new Wild-West-style meme coin project that blasts some much-needed vitality and utility into the well-worn doge theme.
Early watchers say the token has what it takes to blow up once it hits exchanges later in the year.
At the heart of the gamification element lies the town of Shiba Gulch, a bustling Web3 settlement where the Shiba Shootout community gathers to undertake challenges, showdowns and meme sharing.
The strong social element combines with a unique multiple opportunities for players to generate rewards. This immersive, engaging and addictive Web3 social experience has 100x potential as the loftiest Dogecoin contender still only in presale, because there’s nothing else like it.
It could even beat Shiba Inu into the 20 biggest cryptocurrencies.
Pick it up at a fixed presale price of $0.0199 per token. Investors can purchase $SHIBASHOOT with ETH, BNB and USDT, or they can pay by credit or debit card.
Follow Shiba Shootout for updates on X and Telegram.
Read more and join the presale over on the official website
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