The past week has not seen Shiba Inu (SHIB) perform well as it has continued to move in a bearish direction. SHIB has lost 1% of its value in the past week and even then, its bearish nightmare has not ended.
The investors are concerned with the downtrend being recorded in the trading price of SHIB. However, there is a new meme coin in town and it is making heads turn with a phenomenal performance
Price Action of Shiba Inu
Despite the constant dipping, Shiba Inu has managed to maintain its position as the second-largest meme coin in the market by valuation.
It is fortunate for SHIB that it has managed to stay at the spot because no other meme coin was performing well. However, another meme coin has entered the venue and it is on the path to surpassing SHIB in a matter of days.
At the time of publication, SHIB’s trading value is $0.00001107. Even the past 24-hour price movement has been in negative territory. Even the broader market analysis shows it has remained in the negative territory in the past 7-days.
Even the technical indicators for SHIB show no sign of a positive trend. Currently, the moving averages of SHIB are above its current trading price, which is not a good sign at all.
Even the 10-day moving average for SHIB is $0.00001112. Even the moving average convergence divergence for the meme coin is indicating selling sentiments.
The sight of SHIB’s RSI sitting at 44.57 and moving lower further confirms that the trend for SHIB is nowhere near a bullish run.
Tamadoge has lightened the Meme Market
Even when Dogecoin (DOGE) is not able to offer much to the cryptocurrency community, Tamadoge (TAMA) has appeared as a light of hope.
The meme coin made its market debut just 7-days back and its trading price has not looked back at all. Having launched on the OKX exchange, the meme coin has recorded a 200% surge in its value.
At the time of its listing, TAMA was valued at $0.03, and at the time of writing, its value stands at $0.0738. Even the 24-hour trading volume for TAMA has been very promising, currently hovering around $9.79 million.
TAMA has caught the attention of many investors from the crypto market as well. This is because its recent performance has earned it a spot in the list of top-performing cryptocurrencies.
Following its successful debut, two other exchanges have decided to launch the meme coin through their platforms. These exchanges are LBank and MEXC, and once the meme coin launches there, it would make history for itself.