Things are getting ugly for Shiba Inu (SHIB).
The Shiba Inu dog meme-themed crypto token, which lives as an ERC-20 token on the Ethereum blockchain, failed to gain any momentum amid the huge pump seen in newer rival meme coins like Pepe in recent days.
Meanwhile, as the pump in newer meme coins like Pepe and SpongeBob has eased, Shiba Inu has come under intense selling pressure.
SHIB/USD was last changing hands below $0.000009 per token on Monday, down over 5.0% on the day after losing critical support in the $0.0000098 area over the weekend that had previously held up for nearly two months.
Shiba Inu’s losses on the month are now around 12% and gains on the year have now been eroded to only around 10%, with the cryptocurrency having been up as much as 95% at its February highs in the $0.000016 area.
Price Prediction – Where Next for Shiba Inu (SHIB)?
Recent price action suggests that “older” meme coins like Dogecoin and Shiba Inu are losing some of their shine compared to newer rival meme coins, perhaps as meme coin investor preferences switch towards hunting for the next 100x gem, as opposed to investing in older, more established meme coin projects.
That, combined with a broader downturn in crypto prices since the weekend, appears to be weighing heavily on SHIB.
A test of last December’s lows just under $0.000008, a further 12ish% drop from current levels, seems inevitable at this point, especially given Shiba Inu looks like it is about to see a much dreaded “death cross”, where the 50-Day Moving Average crosses below the 200-Day Moving Average.
Shiba Inu (SHIB) Alternative to Consider – SpongeBob (SPONGE)
Given its already massive market capitalization, which was last around $5.2 billion as of Monday, Shiba Inu’s potential for exponential gains is limited.
Could SHIB post 100x returns and exceed $500 billion in market cap? Not likely, given the coin’s lack of utility and status as a “joke” cryptocurrency.
The only cryptocurrencies to have ever surpassed $500 billion in market cap are “serious” cryptocurrencies with real use cases like Bitcoin and Ether, which powers the Ethereum blockchain.
Traders and investors hoping to make an exponential return on their meme coin investment are better off looking for low market cap gems, like SpongeBob (SPONGE).
SpongeBob has pulled back sharply in the last 24 hours, but at one point over the weekend was up over 70x versus the price it debuted at on Uniswap.
At its current price of around $0.00065 per token, SPONGE has a full diluted market cap of just under $30 million, despite having already shown the early signs of being in a parabolic bull run.
If it can follow in the footsteps of fellow meme coins like Pepe, which have exploded recently, it could easily post 10x gains from current levels to hit a fully diluted market cap of $300 million.
With the SpongeBob team hinting at a big top 10 centralized exchange listing coming up, the bulls may soon regain control.
SpongeBob investors will also be hoping that the meme coin goes viral on TikTok, with the project having just set up a profile on Monday.
$SPONGE is a SpongeBob SquarePants themed-meme coin that, according to Sponge’s website, has “no association to Nickelodeon”.
How to Buy Spongebob Token in 2023 – Crypto News
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