Mpeppe (MPEPE): A New Contender in the Meme Coin Landscape as Shiba Inu (SHIB) Falters

In the volatile landscape of cryptocurrency, fortunes can change rapidly. Shiba Inu (SHIB), once a beacon of hope for meme coin enthusiasts, is currently navigating through turbulent waters.

Shiba Inu (CRYPTO: SHIB) is down 2.78% during the last 24 hours of trading.

What Happened: SHIB was trading at $0.000017 at the time of writing.

The cryptocurrency had a 24-hour trading volume of $206.88 million, with a market cap of $9.86 billion.

Shiba Inu is currently down 88.02% from its all-time high of $0.000799, reached on Oct. 28, 2021.

Shiba Inu price chart. Benzinga Pro

The price of SHIB has risen 10.6% during the past week.

A recent report by Benzinga Crypto showed that despite SHIB’s recent decline, the token is still among the top 20 cryptocurrencies by market capitalization.

Shiba Inu, the self-proclaimed “Dogecoin (CRYPTO: DOGE) killer,” was created in August 2020 by an anonymous person or group of people known as Ryoshi.

The token, which began as a joke, has quickly gained popularity and is now accepted by several businesses.

See More: Best Cryptocurrency Scanners

The live price of Shiba Inu is provided by Benzinga Crypto.

Shiba Inu aims to build a decentralized ecosystem that will outlast the meme coin hype and offer actual utility to its holders.

The Shiba Inu community is working on several projects, including a decentralized exchange, a non-fungible token (NFT) marketplace and a metaverse.

Shiba Inu is also planning to launch a Layer-2 blockchain called Shibarium, which will help reduce gas costs and improve transaction speeds.

Shiba Inu recently announced a partnership with blockchain company MoonPay to allow users to purchase SHIB and other cryptocurrencies with fiat currencies.

The partnership will enable users to buy SHIB using credit cards and bank transfers, making it more accessible to a wider audience.

Why It Matters: Shiba Inu has seen varying levels of success and challenges in recent times.

The cryptocurrency faced a setback in March when a highly anticipated Shibaburn event failed to live up to expectations, leading to disappointment among SHIB holders.

However, SHIB recovered from the event and continued to attract attention with a listing on Robinhood Markets (NASDAQ:HOOD) in April.

The listing on the popular trading platform was seen as a significant achievement for SHIB and is likely to have contributed to its price increase.

Shiba Inu is known for its volatility, and its price can fluctuate rapidly based on several factors, including news, social media activity and the overall state of the cryptocurrency market.

Investors are advised to exercise caution when trading SHIB and to conduct their own research before making any investment decisions.

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