Summary
TLDR: Shiba Inu (SHIB) is facing competition from dogwifhat (WIF), leading to a potential decline in price. The emergence of WIF is challenging SHIB’s market dominance, with SHIB investors possibly opting for WIF. SHIB’s price is expected to decline further and may fall below key support levels, but a recovery is possible if certain levels are reclaimed. Always conduct your own research and consult with a professional before making any financial decisions.
Key Points
1. Shiba Inu (SHIB) is facing significant competition from dogwifhat (WIF), with WIF having a market capitalization nearly four times larger than that of SHIB.
2. More than 77.44 trillion SHIB worth over $2.52 billion is close to becoming loss-bearing, potentially leading to a further decline in price for SHIB.
3. Shiba Inu price is nearing a fall below $0.00002584, with the possibility of testing the $0.00002268 support level and potentially extending the decline beyond that level.