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CoinDesk1 min read
Shiba Inu (SHIB) Lost Its Prestigious Position Once Again: Is a Comeback Possible?
TL;DR
Shiba Inu (SHIB) has lost its position as the second-largest meme coin to MemeCore (M), which recently saw a 25% price increase. SHIB's market cap has dropped to about $3.7 billion, raising questions about its potential for a comeback.
Key points
- Shiba Inu lost its second-largest meme coin position to MemeCore
- MemeCore's price increased by 25% recently
- Shiba Inu's market cap is approximately $3.7 billion
- Shiba Inu has lost half its value over the past year
- MemeCore's market cap is around $4.3 billion
MemeCore
The self-proclaimed Dogecoin killer, long-standing as the second-largest meme coin, has recently faced serious pressure from the fast-rising MemeCore (M).
The latter posted a double-digit price increase over the past 24 hours and once again reclaimed the No. 2 spot, prompting questions about whether SHIB can restore its former glory.
Shuffle in the Sector… Again
Shiba Inu may be up 3% on a weekly basis, but the broader picture is bleak – the token has lost half its value over the past year. Its market cap slipped to approximately $3.7 billion, pushing SHIB back into third place among all meme coins.
The second position now belongs to MemeCore (M), which is one of the top-performing cryptocurrencies today (May 5). Its price has jumped 25%, while its capitalization has surged to roughly $4.3 billion.
It remains unclear exactly what triggered M’s rally, as one potential catalyst could be the recent initiative unveiled on its X account. The team launched the “No Cap(tion)” community contest, offering USDT rewards to participants. The event will run until May 7 as users’ captions must “fit the scene,” “be creative,” and “fun.”
It is worth noting that there are some red flags surrounding M, suggesting its price could reverse just as sharply. Numerous analysts, including X user Noodles, have labeled the project as a scam and a “ghost chain,” claiming that fewer than 10 wallets control the entire network. Such concentration makes the valuation highly vulnerable to manipulation.
Meanwhile, M’s Relative Strength Index (RSI) has entered overbought territory at around 75, which is typically a precursor of a pullback. The technical analysis tool measures the speed and magnitude of recent price changes and ranges from 0 to 100. Conversely, anything below 30 is considered a bullish zone.
M RSI, Source: RSI Hunter
What’s Next for SHIB?
M could dip in the short term, but SHIB isn’t immune either. As a meme coin, it is just as vulnerable to hype cycles, while several indicators point to weakening user engagement, which increases the risk of a correction.
Q&A
What caused Shiba Inu to lose its position to MemeCore?
Shiba Inu lost its position due to MemeCore's significant price increase of 25%, which boosted its market cap to approximately $4.3 billion.
How much has Shiba Inu's value decreased over the past year?
Shiba Inu has lost half of its value over the past year, contributing to its drop in market cap.
Can Shiba Inu make a comeback in the meme coin market?
While Shiba Inu is currently up 3% weekly, its ability to make a comeback remains uncertain given the competitive pressure from MemeCore.
