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<p>The post <a href="https://coinpedia.org/press-release/shib-continues-to-slump-as-traders-switch-to-new-meme-coin-playdoge/" rel="noopener noreferrer nofollow">Is Shiba Inu Dead? SHIB Continues to Slump as Traders Switch to New Meme Coin</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Shiba Inu has fared disappointingly, falling 10% today and 20% this week. Its performance makes it the worst-performing top-20 crypto.&nbsp;But while traders pull funds from SHIB, the new presale meme coin PlayDoge continues to grow – could it provide an alternative to struggling major meme coins?</p>
<h2 class="wp-block-heading" id="h-shib-dumps-amid-crypto-market-downturn-led-by-btc">SHIB Dumps Amid Crypto Market Downturn Led By BTC&nbsp;</h2>
<p>Shiba Inu has been hit the hardest as the crypto market faces sweeping sell pressure.</p>
<p>The event is caused by Bitcoin ETF outflows, with macroeconomic analyst Thomas Fahrer noting that Fidelity sold $92 million worth of BTC yesterday, which marks three consecutive days of selling.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Fidelity Sells 1390 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ($92m)<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> price holding up well as these outflows mount <a href="https://t.co/3sluDmFJA2" rel="noopener noreferrer nofollow">pic.twitter.com/3sluDmFJA2</a></p>— Thomas | heyapollo.com (@thomas_fahrer) <a href="https://twitter.com/thomas_fahrer/status/1802872677608386626?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 18, 2024</a>
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<p>Meanwhile, <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">data</a> from Farside Investors reveals that $142 million in outflows occurred on Monday.</p>
<p>The ETF selling has had a knock-on effect across the market, with a sweltering $305 million in crypto-long liquidations taking place today, per CoinGlass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">data</a>.</p>
<p>$15 million of those long liquidations were on Shiba Inu, which has plunged 10% as a result. As such, its market cap is down over $1.2 billion today.</p>
<p>SHIBs higher time frame also paints a gloomy picture, with its price freefalling 20% this week, 27% this month, and almost 50% from its local high in March.</p>
<p>As its price chart shows, SHIB has plunged below its range support, which could exasperate its bearish momentum.</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="465" src="https://image.coinpedia.org/wp-content/uploads/2024/06/18152731/image-318-1024x465.png" alt="cmc-price-chart" class="wp-image-316959" srcset="https://image.coinpedia.org/wp-content/uploads/2024/06/18152731/image-318-1024x465.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152731/image-318-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152731/image-318-768x348.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152731/image-318-1536x697.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152731/image-318-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152731/image-318.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Trader DollarSaenz <a href="https://www.tradingview.com/chart/SHIBUSD/4wWiFrzm-SHIB-Up-Up-Up-and-Away-Only-Believers-Will-be-Here-to-Stay/" target="_blank" rel="noopener noreferrer nofollow">weighed in</a> on Shiba Inu’s higher time frame outlook.</p>
<p>The analyst noted that the crypto market’s recent bearish momentum is due to U.S. interest rates being held at the current levels despite the market’s anticipation of a rate cut.</p>
<p>He says crypto prices currently depend on macroeconomic data, including inflation, employment figures, economic growth etc.</p>
<p>DollarSaenz anticipates SHIB to follow the broader market and says:</p>
<p>“There might be a little reprieve as crypto keeps fighting to push out and eventually break out to new heights.”</p>
<p>So, while there may be some downside movement ahead, the analyst remains optimistic that SHIB will recover alongside the broader crypto market.</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="268" src="https://image.coinpedia.org/wp-content/uploads/2024/06/18152737/image-319-1024x268.png" alt="chatgpt" class="wp-image-316960" srcset="https://image.coinpedia.org/wp-content/uploads/2024/06/18152737/image-319-1024x268.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152737/image-319-300x78.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152737/image-319-768x201.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152737/image-319-1536x401.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152737/image-319-150x39.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152737/image-319.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>But while other cryptocurrencies have struggled recently, the newly launched PlayDoge has continued to rally.</p>
<p>It is undergoing a presale and has raised a staggering $4.6 million in three weeks.</p>
<h2 class="wp-block-heading" id="h-playdoge-defies-market-slump-as-presale-nears-5m-milestone">PlayDoge Defies Market Slump as Presale Nears $5M Milestone</h2>
<p>Leading analysts anticipate up to 10x returns are on the horizon for <a href="https://coinpedia.care/b_playdoge-en_88485?referrer=is-shiba-inu-dead-shib-continues-to-slump-as-traders-switch-to-new-meme-coin" target="_blank" rel="noopener noreferrer nofollow">PlayDoge</a> as its presale gathers pace.</p>
<p>The project’s use case is a crossover between meme coins and Play-to-Earn (P2E), embedding $PLAY within two of crypto’s hottest narratives and providing multiple demand streams.</p>
<figure class="wp-block-image size-full"><img decoding="async" width="1024" height="584" src="https://image.coinpedia.org/wp-content/uploads/2024/06/18152906/image-321.png" alt="playdoge" class="wp-image-316966" srcset="https://image.coinpedia.org/wp-content/uploads/2024/06/18152906/image-321.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152906/image-321-300x171.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152906/image-321-768x438.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/06/18152906/image-321-150x86.png 150w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>The project is inspired by the popular 1990s Tamagotchi game but raises the stakes with a modern twist and financial incentives.</p>
<p>Like Tamagotchi, PlayDoge users will care for an 8-bit pet, ensuring it’s well-fed and happy.&nbsp;</p>
<p>They will generate XP for engaging with their virtual pet, which will push them up the project’s leaderboard and earn them more $PLAY tokens.</p>
<p>Intertwining a nostalgic outlook with its P2E-meme coin use case has provided rapid success.</p>
<p>In addition to its $4.5 million raised, support from well-known traders like Jacob Bury has been flooding in. In a recent video, Bury speculated 10x returns are likely.</p>
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<p>Alongside hailing PlayDoge’s use case, he alluded that the token could get listed on big exchanges.</p>
<p>Currently, the $PLAY price is $0.00509. However, this will rise throughout the campaign, with the next increase in ten hours.</p>
<p><a href="https://coinpedia.care/b_playdoge-en_88485?referrer=is-shiba-inu-dead-shib-continues-to-slump-as-traders-switch-to-new-meme-coin" target="_blank" rel="noopener noreferrer nofollow"><strong>Visit PlayDoge Presale</strong></a></p>

Is Shiba Inu Dead? SHIB Continues to Slump as Traders Switch to New Meme Coin

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