Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced recent declines of 5% and 6% respectively. Other memecoins also saw drops, while Floki Inu (FLOKI) gained 8% in a week.
Analysts suggest Shiba Inu’s price might be at its lowest, hinting at a potential rise.
Shibarium, SHIB’s layer-2 blockchain solution, showcases bullish developments, including a successful burning mechanism.
SHIB, DOGE, and More Took a Punch
The latest decline of the cryptocurrency market has affected numerous digital assets, including most from the memecoin realm. According to CoinGecko’s data, the one with the largest market capitalization – Dogecoin (DOGE) – plunged by over 2% in the past 24 hours and is down almost 5% on a monthly basis.
The self-proclaimed Dogecoin killer – Shiba Inu (SHIB) – has fallen by over 6% in the past 30 days, while Pepe Coin (PEPE) has plummeted by more than 8%.
Bone ShibaSwap (BONE), Doge Killer (LEASH), and Dogelon Mars (ELON) have also been on a downfall, nosediving by respectively 17%, 13%, and 8% in the last month.
Floki Inu (FLOKI) is among the few to be in the green for that period. Moreover, it has charted a substantial 8% gain in the past seven days.
Memecoins are a highly intriguing niche of the cryptocurrency sector. We recently uploaded a video depicting the leading such tokens and their specifics.
Did SHIB Find Bottom?
Some experts and analysts have recently maintained that the price of Shiba Inu has found the bottom, meaning an ascend is expected to happen soon. One such example is the X (Twitter) user $SHIB KNIGHT, who assumed the coin’s valuation could jump by 300% in the near future.
The successful execution of Shiba Inu’s burning mechanism and the further advancement of the layer-2 blockchain solution Shibarium have also been outlined as bullish factors.
The latter saw the light of day at the end of August and has already completed several achievements. Most recently, it reached the milestone of one million blocks, highlighting a growing demand for scalable features. Those who want to learn more about Shibarium and its purposes could take a look at our dedicated video below:
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