TLDR
- Profit-taking is eating up Shiba Inu’s gains; SHIB could be tested soon.
- Dogwifhat enters price correction mode as WIF registers losses.
- Milei Moneda ($MEDA) could be set to follow FLOKI’s steps to provide real-life utility.
It all started so well for the meme coins in February, as they dominated the cryptocurrency market for weeks. The Solana meme coins were particularly lively, with Dogwifhat (WIF) and BONK surging past the top altcoins to become the best cryptos to invest in. Now, the tides have turned, and even the mighty Shiba Inu (SHIB) might be in for a downtrend.
Enter Milei Moneda ($MEDA); a new meme coin that is determined to shake things up.
Shiba Inu settles at strongest support level
Shiba Inu picked up pace during the Bitcoin pump earlier this year, rising to its two-year high, like many other top crypto coins. Even when the rally ended, SHIB was still in the green, as investors were getting set for the big event this month.
But, as we often see it with meme coins, some investors have decided to cash in before the bad tides roll in.
Shiba Inu’s blockchain has experienced a massive offload from 11 wallets, which held SHIB tokens valued at 15.99 million DAI coins. These SHIB wallets realized a combined profit of about $8.24 million, and the activity could sink Shiba Inu’s altcoin price.
SHIB is down 11% in the last seven days, and it has sunk to the strongest support level it has attained this year. Investors are watching closely; if Shiba Inu cannot scale the resistance, SHIB could be in for a steep plummet to even lesser trading levels.
Dogwifhat is in price correction mode now. What’s next for WIF?
Just like the Shiba Inu coin, Dogwifhat is coming to terms with the realities of a meme coin. WIF’s dominant run in the crypto-verse for the past six months seems to be threatened by token dumps, as investors are losing interest in the meme project.
That’s understandable, seeing as there are few applications for WIF in the crypto market. Dogwifhat rose to become one of the top ten cryptocurrency tokens in the meme market, but that has not prevented a drop in the past week.
Many analysts pin Dogwifhat’s decline on waning enthusiasm among investors, while others say Bitcoin’s slump is affecting WIF. Whatever the case is, WIF is not looking good at the moment, and the meme coin rally everyone enjoyed so much…