The memecoin market, led by Mastiff (Doge) and Shiba inu (Shib), took a significant hit in the last 24 hours after Bitcoin (BTC) fell below $100,000 Earlier this week. Currently, the total valuation of the Memecoin sector has fallen by 10%, currently standing at around $99.8 billion. The decline is the result of broader market pressures and growing concerns among investors.
Read on for the latest market insights.
Crypto Sell-Off Entry?
Bitcoin’s recent decline is just one contributing factor to the memecoin market slowdown. There are growing fears of a potential crypto selloff, further fueled by predictions of a Western stock market crash due to a major AI breakthrough in China by Deepseek. This uncertainty puts additional pressure on the memecoin industry.
On top of that, over $625 million in crypto positions were liquidated in the last 24 hours, most of them long trades. This raises the possibility of a long squeeze, which could add further pressure to the market.
Shib Testing Key Support Levels
From a technical analysis perspective, Shiba INU (Shib) is currently trapped in a triangular macro consolidation pattern, similar to that seen with Ripple Labs’ XRP before experiencing a bull run to new all-time highs. time. Crypto analyst Ali Martinez highlights that Shib is now testing a critical support range between $0.0000185 and $0.000021.
If the broader crypto market continues to face selling pressure, Shib could fall another 10%, which could reach the next support level around $0.000016. In addition, the weekly Relative Strength Index (RSI) fell below the 50% mark, suggesting that the short-term bears are currently in control.
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Long-term outlook for Shib
Thanks to the Shibarium layer scaling solution, the Shiba INU project gradually transitioned to a utility-based Memecoin. At the time of writing, the Shibarium network had a dozen Decentralized financial (Defi) projects, with a total value locked of approximately $2.75 million.
With a market cap of $10.6 billion, Shib remains the second largest memecoin by market cap and continues to grow its community. Over 1.4 million on-chain holders back the token, showing strong support.
As Shib builds on its utility and community engagement, it is well-positioned to do well in the long term, even with short-term market challenges.
Shiba Inu’s Adaptability May Be Key to Its Long-Term Survival and Growth.
FAQs
By 2025, our price prediction predicts that the Shiba coin price could be worth $0.00006392. With a potential surge, the price may reach $0.000321 by 2030.
With the upcoming updates and strong community, Shiba Inut remains a strong contender in the crypto world.
Yes, Dogecoin could definitely be a good investment, if you are looking to invest for the long term.
According to our Doge price prediction, the meme coin could hit a maximum of $1.07 in 2025.