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- Dogecoin (DOGE) and Shiba Inu (SHIB) have recently seen declines of 5% and 6%, respectively. Other memecoins also saw declines, while Floki Eno (FLOKI) rose 8% in a week.
- Analysts suggest that the price of the Shiba Inu may be at its lowest levels, indicating a potential upside.
- Shibarium, SHIB’s layer 2 blockchain solution, shows bullish developments, including a successful burn mechanism.
SHIB, DOGE and more took a punch
The recent decline in the cryptocurrency market has affected many digital assets, including most of them from the memecoin world. According to CoinGecko data, the coin with the largest market cap – Dogecoin (DOGE) – fell more than 2% over the past 24 hours and is down nearly 5% on a monthly basis.
The price of the self-proclaimed dogecoin – Shiba Inu (SHIB) – has fallen more than 6% in the past 30 days, while Pepe Coin (PEPE) has fallen more than 8%.
Bone ShibaSwap (BONE), Doge Killer (LEASH), and Dogelon Mars (ELON) also saw declines, falling 17%, 13%, and 8%, respectively, in the past month.
Floki Inu (FLOKI) is among the few to be in the Green Zone for that period. Moreover, it has made a significant gain of 8% in the past seven days.
Memecoins are a very interesting niche in the cryptocurrency sector. We recently uploaded a video depicting these tokens and their details.
Has SHIB found the bottom?
Some experts and analysts recently confirmed that the price of the Shiba Inu has bottomed, which means that a rise is expected soon. One example is X (Twitter) user $SHIB KNIGHT, who… Supposedly The coin’s valuation could jump by 300% in the near future.
The successful implementation of the Shiba Inu burning mechanism and the further progress of the Shibarium layer 2 blockchain solution were also identified as bullish factors.
The latter saw the light at the end of August and has already achieved many achievements. Lately, it has receipt The milestone is 1 million blocks, highlighting the growing demand for scalable features. Those who want to know more about Shibarium and its purposes can take a look at the dedicated video below:
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