SHIB is in a trough, Dogecoin is on the rise: SHIB's recent performance is bleak, but is there still a chance for a turnaround in the future?
Compared with other cryptocurrencies, Shiba Inu (SHIB) has performed poorly recently and its price has continued to fall. In the past seven days, SHIB has fallen by 7.26%, and in the past 24 hours, it has fallen by 2.58%. In contrast, Dogecoin (DOGE), also a meme coin, has risen by 12% in the past seven days.
There are many reasons for SHIB's poor performance, including:
Shibarium's key indicators have declined: Shibarium is Shiba Inu's layer 2 solution, which aims to improve scalability and strengthen the entire Shiba Inu cryptocurrency ecosystem. However, several key indicators of Shibarium, including important indicators such as user engagement and transaction volume, have fallen significantly in the past 24 hours. This indicates that investors have lost confidence in the project, which may also lead to a decline in SHIB prices. Investor interest has been lifted: With the overall slump in the cryptocurrency market, investors' interest in meme coins and hype projects has been lifted. This may be another reason for SHIB's recent poor performance. Dogecoin rebounded sharply: Dogecoin price rebounded sharply after Dogecoin founder Elon Musk announced that Tesla would accept Dogecoin as a payment method. This may cause some SHIB investors to turn to Dogecoin, resulting in a drop in SHIB price.
Despite the recent poor performance, some investors are still optimistic about the future of SHIB. They believe that SHIB has a large and active community, and the project team is constantly developing new features and examples. These factors may support the rise of SHIB price in the future.
