- A Shiba Inu team leader advised SHIB owners not to fixate on daily charts but rather on long-term development and growth.
- Shiba Inu has dipped 4% in the past day and 16% in the past week; while the dip is steep, it’s lower than other major meme coins like WIF and PEPE, which have lost over 25%.
In the past two weeks, meme coins have lost 28% of their market cap amid a broader market dip that has brought the overall market cap to $2.16 trillion. Shiba Inu has been one of the victims of this downturn, but according to one of the project’s leaders, investors must keep their eyes fixed on the long-term opportunity and ignore the current dips.
Shiba Inu trades at $0.0000142 at press time, dipping 4% in the past day for an $8.36 billion market cap, the second-highest in the meme coin segment after Dogecoin’s $15.7 billion. Its trading volume has dropped over 10% to hit $212 million.
The token had been dipping for seven consecutive days before finding support at $0.000014. According to on-chain data from IntoTheBlock, over 14,500 Shiba Inu addresses bought a combined 100 trillion SHIB tokens, allowing the meme coin to bounce back. This was enough to nip the downtrend in the bud and could provide the support it needs to rebound.
If it finds the momentum to stage a comeback, analysts point to the 20 and 50-day moving averages, which stand at $0.0000172 and $0.0000203, as the levels to watch.
Don’t Focus on Daily Charts, Shiba Inu Exec Says
While Shiba Inu’s weekly decline of 16.30% is noticeable, it’s the lowest dip of the top 10 meme coins. DOGE has lost 18% in that time, while PEPE, FLOKI and BONK have each lost 25%. Dogwifhat (WIF) leads the price dips at 34% in the past seven days, giving it a $1.599 billion market cap.
But despite the drops, investors must not focus on the charts, says Lucie, a renowned SHIB community member who heads marketing efforts for the meme coin.
“The market has been tough, and even the most optimistic among us didn’t fully anticipate the impact of unstable politics and global conflicts,” she stated, adding:
For those of us who appreciate the ongoing development, there’s still significant progress being made. I understand the frustration of those expecting quicker results—not just with SHIB ECOSYSTEM.
The best way to navigate, according to Lucie, is to stop the fixation on the daily price charts, which have been consistently red for nearly two weeks now. She added:
Instead, focus on the long-term development and growth. Long-term holders, stay strong and don’t let short-term fluctuations shake your confidence.
Despite the dip, Shibarium continues to accumulate users and transactions and is projected to keep growing, as we reported. The developers have also hinted at ambitious plans in the future, including a Layer-3 blockchain.
