Shiba Inu Takes a Tumble, Lands Among Worst Performers

Shiba Inu has hit a rough patch, dropping over 3% in 24 hours. According to the latest CoinGecko data, this sudden fall is among the worst-performing cryptocurrencies.

Source: CoinGecko

Shiba Inu isn’t alone in its struggles. Other digital coins like Celestia, VeChain, Quant, and Monero have also seen their values dip. But Shib fans shouldn’t panic just yet. Experts see this drop as a normal correction after the coin’s recent strong performance. Some investors decided to sell and take profits following a significant price surge.

Looking at the bigger picture, Shiba Inu has been a top performer over the past week. The coin has shot up by 34% in just seven days. Thanks to a surprise rally, it briefly led the top 100 list of cryptocurrencies on Friday. Despite today’s setback, Shib remains the week’s biggest gainer, trailing only behind fellow meme coins Pepe (up 37%) and Dogwifhat (up 34.1%).

Shiba Inu Stumbles as Dogecoin Takes the Lead in Meme Coin Surge

While Shiba Inu stumbles, its main rival, Dogecoin, has found its footing. Dogecoin has surged by more than 4% in the last day, stealing the spotlight from Shib. It now ranks as the second-best performer among the top 100 cryptocurrencies. Another coin called Bonk leads the pack with a 4% rise. XRP, a coin linked to the company Ripple, rounds out the top three with a 3.2% increase.

Other meme coins also show signs of life. Pepe and the Solana-based dogfight have climbed by over 2% in the past day.

This roller coaster of price changes highlights the volatile nature of the cryptocurrency market. While Shiba Inu faces a temporary setback, its strong weekly performance suggests it still has many supporters. Investors should always approach the crypto market cautiously and research before making decisions.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risk.