Shiba Inu (SHIB) is experiencing a notable decline today, driven by a shift in investor interest towards emerging meme coins like DOGEN. The new presale of DOGEN, promising returns of up to 30,000%, has captivated the attention of investors who previously fueled the rise of Dogecoin and Shiba Inu. This shift suggests a potential new contender in the meme coin arena, drawing away some of the enthusiasm and capital that might have otherwise supported SHIB.
Additionally, the recent transfer of 8.18 trillion SHIB tokens by a crypto whale has sparked speculation about potential accumulation, which could create buying pressure. However, the market's reaction has been muted, possibly due to the broader market conditions and the allure of new opportunities like DOGEN. Despite the increase in large transaction volumes, the SHIB burn rate has significantly decreased, which might be contributing to the current price pressure.
Shiba Inu's price has fallen by 4.72% today, trading at $0.000023. The price reached a high of $0.000024 and a low of $0.000023.