Why SHIB and DOGE are struggling
Dogecoin and Shiba Inu were two of the hottest meme coins in 2021, which explains why they are multi-billion dollar assets. Dogecoin has a market cap of over $11 billion while Shiba Inu is valued at more than $4.9 billion.
The two have lost momentum as investors focus on other cryptocurrencies. Some of the fastest-growing tokens this year are newer meme coins like Bonk, Pepe, and Memecoin, which are all worth over $1 billion.
Dogecoin has stalled because Elon Musk, who famously boosted it in 2021 has stayed in the sidelines. He has not talked or even tweeted about it in the past few months. As a result, most investors have avoided the coin.
Shiba Inu, on the other hand, has had a difficult year. It started the year well as investors waited for its Shibarium launch. It soared to a high of over $0.000015 in February and then pulled back to the current $0.0000082.
This price action is known as buying the rumour and selling the news. While Shibarium has already been launched, it has not done much to boost Shiba Inu’s ecosystem.
Shib Memu could be the next big thing
As Shiba Inu and Dogecoin have lost traction, other smaller and newer meme coins like Bonk and Pepe have become popular. Bonk has surged by over 2,100% from the lowest level this year.
Similarly, Pepe has more than doubled from its YTD low. This is a sign that investors are becoming more interested in newer meme coins in this crypto bull run.
Like all financial assets, there are risks for investing in Shiba Memu. Its price could crash, as we have seen with other crypto tokens. Therefore, you should use quality risk management strategies to prevent huge losses. For example, you should only invest a small portion of your portfolio in it.