Meme Coins Fall Sharply; Analyst Calls Bottom


Over 20% in one week, the Shiba Inu price fell to $0.000022. SHIB investors lost 43% in this big meltdown. Top meme currencies like Dogecoin, Pepe, and Bonk have all fallen in price, along with Shiba Inu.

After massive drops, the Shiba Inu pricing is fighting to stabilize. Investors were devastated by the meme coin's drop to $0.000020, one of the worst in recent months.

Many observers expected Shiba Inu to rise, but it has fallen. The gloomy market and recent Bitcoin falls have weighed on the overall crypto market, causing this collapse.

The latest crisis has sobered investors who joined the crypto sector at price highs and reminded them of its unpredictability. Meme coins, which are extremely speculative, sometimes see sudden, unpredictable falls.

IntoTheBlock reports that 43% of Shiba Inu investors lose money and 53% profit. ITB's on-chain indications show Shiba Inu is generally bearish, with Net Network Growth, big transaction volume, and concentration in the negative.

Shiba Inu has lost 12.6% in value in 24 hours, according to CoinMarketCap. The doggy-themed meme currency fell 25% last week, compounding its 15% drop from the month before.

Whales are quickly liquidating their stakes as SHIB falls. On X (previously Twitter), blockchain wallet tracker LoonOnChain reported that an unnamed whale sold 250 billion SHIB for $6.05 million. On August 6, 2020, the whale paid $3,800 to acquire 15.28 trillion SHIB, earning up to $109 million.

Bitfate on X reports that meme coins have reached the red zone this week due to panic selling by holders. Coingecko also reported a 16% drop in meme coin market worth to $97.4 billion.

Isak, a crypto trader, said that Bitcoin's recent slump has contributed to meme currencies' dismal performance. The trader said that cryptocurrencies have fallen considerably and most meme coins are 90% below their ATH. Isak believes the bear market is underway, heralding the end of the bull market.

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