Shiba Inu Is Up 80% YoY But Slumped On International Dog Day. What’s Happening?

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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August 27, 2024 07:10 EDT

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The price of Shiba Inu has fallen by 4% today, with its decline to $0.00001445 coming as the cryptocurrency market as a whole weathers a 3% drop in the past 24 hours.

SHIB remains up by 4.5% in a week and by 6% in a fortnight, although the popular meme coin is down by 14% in the last 30 days.

More encouraging is the fact that the alt is sitting on an 80% increase in the past year, underlining the long-term momentum it still has.

And while it may have failed to capitalize on International Dog Day yesterday, the next few weeks should see it return to growth, along with the wider market.

Shiba Inu Is Up 80% YoY But Slumped On International Dog Day. What’s Happening?

Yesterday was indeed International Dog Day, which provides an occasion for showing appreciation for canines of all breeds and raising awareness of dog-related issues.

A casual observer might assume that this attention could feed into interest in dog-themed meme tokens, but it clearly hasn’t had any positive impact on the Shiba Inu price.

As the chart below makes clear, SHIB is currently on a downtrend.

Its relative strength index (purple) has now sunk to 30, which means SHIB has entered an oversold position.

We also see SHIB’s 30-period average (orange) falling towards the 200-period average (blue), and once it drops below the longer term average we may see a reversal of the coin’s recent bard fortune.

One interesting detail is that the past week or so had witnessed a modest increase in SHIB’s 24-hour trading volume, from around $100 million on August 18 to $300 million today.

This is still relatively low, however, suggesting that whales are currently disinterested in the meme token.

Yet one thing in Shiba Inu’s favor is that it has much stronger fundamentals than most other major meme coins, with the token seeing a variety of developments in recent months that will boost its ecosystem.

Not only did it witness the launch of its layer-two network Shibarium last year, but it’s also working on its own layer-three platform, not to mention rolling out a Shibarium-based version of its SHIB-burning Shiba Eternity card game.

Shiba Inu will also benefit in the coming weeks from a growth in market-wide optimism.

Much of this will come from the Federal Reserve’s incoming rate cuts, while an improvement in US economic data could also push positivity further.

In such a context, the Shiba Inu price could reach $0.000020 by Q4, and $0.000040 by next year.

Alternative Meme Coins for Market-Beating Gains

SHIB’s recent underperformance has likely disappointed many traders, yet while they wait for it to do something major they may prefer to look into newer coins.

While the market is regularly flooded by wave after wave of low-quality new tokens, one way of identifying coins with more potential is to look for successful presales, which can indicate future growth.

A great example of this comes from new layer-two project Pepe Unchained (PEPU), which has raised over $10.8 million in its sale.

Pepe Unchained possibly has the strongest fundamentals of any new meme coin, given that it’s about to launch a layer-two network for Ethereum.

Its platform will provide users with near-instant transactions and very low fees, something which could help it eat into the market share of established L2s such as Base and Optimism.

It currently boasts transaction speeds that are 100x faster than Ethereum’s average speed, with this efficiency enabling it to provide double the staking rewards it would have offered as a normal coin.

It comes with a capped supply of 8 billion PEPU, with 30% of this supply going to staking, and another 20% to its sale.

One other promising sign of its potential is that it already has close to 12,000 followers on X, despite not having even launched yet.

Its sale doesn’t have long left to run, but newcomers can join via the coin’s official website, where 1 PEPU costs $0.0093477.

The coin’s early popularity and growth would suggest that it could rise well beyond this price once it lists in the next few weeks.

Buy PEPU Now