The recent crypto market crash has shaken a multitude of digital assets, particularly those belonging to the realm of meme coins. While some have experienced significant declines, there are a few exceptions, such as Floki Inu (FLOKI), which has demonstrated a notable gain of 8% within the past few weeks.
Meanwhile, in this article, we will explore the impact of the market crash on various meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Bone ShibaSwap (BONE), Pepe Coin (PEPE), and Doge Killer (LEASH).
One of these coins might be your favorite meme coin to buy. Without so much ado, get a seat and a glass of wine, or rather, your favorite beverages, while you read along.
Dogecoin (DOGE) and Shiba Inu (SHIB) Decline
During the past month, there has been a significant crash in the values of both Dogecoin (DOGE) and Shiba Inu (SHIB). DOGE, currently the memecoin with the largest market capitalization, witnessed a plunge of over 2% in the last 24 hours and nearly 5% in the past month.
Moreover, SHIB fell by more than 6% within the same 30-day period. This decline has raised concerns within the crypto community.
Other Memecoins and Floki Inu (FLOKI) Performance
The impact of the crypto market crash has stretched beyond DOGE and SHIB. Pepe Coin which arrived the market with a lot of hype (PEPE) suffered a plummet of over 8%, while Bone ShibaSwap (BONE), Doge Killer (LEASH), and Dogelon Mars (ELON) experienced respective declines of 17%, 13%, and 8% within the last month.
On the other hand, Floki Inu (FLOKI) stands out as one of the rare memecoins that achieved an 8% gain within the past seven days, which is somehow amazing. This might just be one of the best memecoins to buy against the bull run.
Analysts' Speculation on Shiba Inu's Lowest Point
Despite the general decline, some experts and analysts believe that Shiba Inu might have reached its lowest point, suggesting a potential rise in value.
Meanwhile, Twitter user $SHIB KNIGHT, for example, predicts a potential jump of 300% in the near future. He made a bullish tweet regarding the decline of the Shiba Inu coin, saying the recent decline in the price of Shiba Inu should be the bottom.
Additionally, the successful execution of the Shiba Inu burning mechanism and the advancements of the layer-2 blockchain solution, Shibarium, have been viewed as bullish factors indicating a positive market trend.
Bullish Developments and Shibarium's Success
Shiba Inu's layer-2 blockchain solution, Shibarium, encountered initial technical setbacks during the recent crypto market crash.
However, after relaunching on August 28, it has showcased remarkable growth. The Shibarium ecosystem has surpassed one million distinct wallets, with over 450,000 blocks processed and nearly one million transactions recorded.
This performance highlights the growing demand for scalable features within the memecoin space.
Concerns and Potential Reasons for Shiba Inu's Decline
Despite the promising developments surrounding Shibarium, both Shiba Inu (SHIB) and Bone ShibaSwap (BONE) continue to face declining market performance, leading to concerns of a potential dump if the current trend persists.
In order to understand the causes behind Shiba Inu's decline, it is crucial to analyze the situation and see if it is the best meme coin to buy now.
The recent crypto market crash has had a significant impact on meme coins, with DOGE, SHIB, and several others experiencing declines.
However, Floki Inu (FLOKI) has emerged as a notable exception. Analysts predict a potential rise in Shiba Inu's value, considering its recent developments.
Shibarium's growth showcases promising signs for the future of meme coins. Despite challenges faced by certain tokens, the memecoin landscape remains highly intriguing within the cryptocurrency sector.