meme coin investors are experiencing a shift in sentiment as they begin to divest from shiba Inu ($SHIB) and explore new opportunities in the market for potential Dogecoin ($Doge) rivals that are still in presale stages. The $SHIB token, with a market cap of $7.9 billion, witnessed a 5% decline over the week and a further 1.2% drop overnight, currently trading at $0.00001333. In comparison, the original meme coin, Dogecoin, saw a 5.8% decrease over the past seven days and a 3.4% decline in the last 24 hours, settling at $0.1001. Despite the relative stability of these two leading meme coins, several other top-ten meme coins experienced double-digit percentage losses this week.
Among the notable decliners, pepe ($pepe) saw a 13.4% drop, DogWifHat ($WIF) plummeted by 24.6%, Bonk ($BONK) fell by 13.8%, Brett ($BRETT) spiraled down by 20.4%, and Popcat ($POPCAT) nosedived with a 30.3% decrease. In contrast, industry heavyweight bitcoin ($BTC) only recorded a 2.1% reduction, while ethereum ($ETH) saw a modest 3.2% decline.
shiba Inu’s Recent Price Performance
Examining shiba Inu's price chart, we observe that $SHIB traded within a range of $0.000015 to $0.00002 for most of the summer. However, the crypto crash on August 5 pushed the price as low as $0.000011. Any further downward movement could potentially establish a new support level at $0.00001. With a relative strength index (RSI) of 53, it suggests that the downward momentum may taper off once the broader market turns positive.
As of the latest update, the overall cryptocurrency market witnessed a 2.8% decline in the past 24 hours, reaching a total market cap of $2.16 trillion. The meme coin sector specifically experienced a 2.4% decrease, with a total market capitalization of $38.4 billion.
SHIB Investors Bet on PlayDoge Presale
While shiba Inu has introduced new privacy features and emphasized its SHIBARIUM ethereum layer 2, the community is still exploring avenues to outperform Dogecoin. One promising project within the shiba Inu ecosystem is PlayDoge ($PLAY), a multichain play-to-earn (P2E) tamagotchi game without significant competitors in the DeFi gaming sector. Despite being in presale, PlayDoge has already attracted $6.1 million in investments since its mid-summer launch.
This presents an opportune moment for investors looking to get involved from the project's inception. Notable crypto analysts on YouTube, such as Clinix crypto, 99Bitcoins, ClayBro, and Matthew Perry, have recommended PlayDoge, fueling increased interest in the project.
PlayDoge offers an engaging experience for fans of 90s virtual pets, incentivizing players with crypto rewards to relive their childhood memories. The game features exciting in-game activities and mini-games, catering to a diverse range of audiences.
With binance Smart Chain, now BNB Chain, serving as its primary blockchain, PlayDoge stands a chance for a potential listing on binance in the future. Additionally, the project's smart contract has been audited by SolidProof, instilling confidence in the project's security measures.
Participating in the presale is straightforward – users can connect their wallets and purchase $PLAY using BNB, ETH, or USDT. For added convenience, PlayDoge also offers credit card payment options. To stay updated on the project's latest developments, individuals can engage with the community through X and telegram.
For those interested in securing presale prices, visiting the official PlayDoge website is recommended to explore investment opportunities within the project.
