Shiba Holders Drop SHIB for New $0.0199 Competitor

cryptonews.com:

Popular ERC-20 meme coin Shiba Inu ($SHIB) is underperforming relative to Bitcoin ($BTC) ($BTC) and Ethereum ($ETH) today as holders exit their positions in search of fresher investment opportunities.

In the last 24 hours the $SHIB token fell 2.4%, posting greater losses than the market leader, which remains virtually unchanged, while Ethereum only fell about 0.6% and market leading meme coin Dogecoin ($DOGE) depreciated by 1.2%.

At its current price of $0.00001381, Shiba Inu is 30% up from its price this time last year.

By comparison, the world’s favorite cryptocurrency, Bitcoin ($BTC) is up 103%, Ethereum ($ETH) added 44% over the year, and $SHIB’s top rival, OG doge meme coin Dogecoin ($DOGE) has grown 39% over the last 365 days.

According to Shiba Inu’s price chart, the token has been in decline all summer, despite posting a recent high of $0.00002 in the middle of July.

This level is likely to form a strong psychological resistance barrier in an uncertain market, which may well be the case following last week’s crypto crash and current global geopolitical tensions exacerbating an already conservative economic outlook.

With a relative strength index (RSI) hovering around 50, Shiba Inu is valued well right now, but recently added privacy features and an announcement last week about a new auto-burn function in the network’s proprietary Ethereum layer 2, Shibarium, failed to give $SHIB the leg-up its team were hoping for.

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