shiba inu and Dogecoin, which revolutionized the meme coin industry, has been weak this year and has underperformed its peers. SHIB price has barely moved in 2023 despite Bitcoin surging more than 120%. Dogecoin, on the other hand, rose less than 10%.
Why SHIB and DOGE are struggling
Dogecoin and Shiba Inu were two of the most popular meme coins of 2021, which explains why they are multi-billion dollar assets. Dogecoin’s market capitalization is over $11 billion, and Shiba Inu is worth over $4.9 billion.
The two lost momentum as investors focused on other cryptocurrencies. Some of the fastest-growing tokens this year are newer meme coins such as Bonk, Pepe, and Memecoin, which are all valued at more than $1 billion.
Dogecoin has stagnated in 2021 due to Elon Musk, who famously boosted it, sitting on the sidelines. He hasn’t talked about it or even tweeted about it in months. As a result, most investors avoided the coin.
Shiba Inus, on the other hand, have had a difficult year. The year is off to a good start as investors await the launch of Shibarium. It soared to a high above $0.000015 in February, but has now fallen to $0.0000082.
This price action is known as buying on rumor and selling on news. Although Shibarium has already been released, it has not done much to revitalize the Shiba Inu ecosystem.
Taken together, daily trading volumes for SHIB and DOGE were below historical levels. In the last 24 hours, $130 million worth of SHIB and $395 million worth of Dogecoin were traded.
Shib Memu Could Be the Next Big Thing
As Shiba Inu and Dogecoin lost traction, other smaller, newer meme coins like Bonk and Pepe gained popularity. Bonk has soared more than 2,100% from this year’s low.
Likewise, Pepe has more than doubled from his YTD low. This is a sign that investors are becoming more interested in new meme coins in this cryptocurrency bull market.
Therefore, Shiba Memu has the potential to become the next big thing in the cryptocurrency industry. For example, developers have already raised more than $4.6 million in the past few months.
We aim to achieve this by combining the word of mouth of the meme coin and artificial intelligence (AI). We will use AI to create viral marketing campaigns that will reach millions of people every day. You can purchase Shibamemu here.
As with all financial assets, investing in Shiba Memu involves risk. As seen with other cryptocurrency tokens, prices can plummet. Therefore, you must use quality risk management strategies to avoid large losses. For example, you should invest only a small portion of your portfolio.