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Is Shiba Inu (SHIB) about to lose to Dojoyfat (WIF)?

Shiba Inu (SHIB) is the second largest meme coin on the market, but despite its position, it faces significant competition in one aspect from Dojoifat (WIF). Could this lead to a further decline in SHIB on the daily chart, or is a recovery possible?

Are Shiba Inu investors turning to WIF?

It was a movement Shiba Inu (SHIB) prize money Disappointing since the beginning of March. Altcoins are already in trouble and Dogwifhat is adding to the problems. The meme coin, which became an overnight sensation, is currently the third largest meme coin in the world.

Despite only having a market capitalization of $4 billion, WIF is a significant competitor to SHIB, with a market capitalization four times that of WIF at $15.7 billion. Total trading volume over the past 24 hours for WIF was around $903 million, while SHIB stock saw trading volumes of $972 million.

Shiba Inu and Dogwave trading volume.
Shiba Inu and WIF stock trading volume. Source: CoinMarketCap

This indicates that the potential of SHIB is diminishing and the emergence of WIF gives the former a chance to emerge.

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This sentiment will likely expand as a significant portion of SHIB stock is poised to become a loser. More than 77.44 trillion SHIB, worth over $2.52 billion, are on the verge of losing profitability. This supply was bought between $0.00003100 and $0.00002500, and the altcoin is already on the verge of falling into the lower range.

Shiba Inu Geum
Shiba Inu Geum Source: In the block

The drop in prices could therefore spread.

SHIB Price Forecast: Monthly Lows Near

Shiba Inu price, after seeing a correction of over 15% in two days, is on the verge of falling below $0.00002584. This helpline has been tested several times in the past, which makes going through it somewhat essential.

SHIB stock is likely to move lower to test the $0.00002268 support level. Given the above conditions, this decline could extend beyond this crucial support level.

SHIB/USDT on the 12-hour chart.
SHIB/USDT chart on 12-hour chart. Source: Trading View

👈Read more: Shiba Inu | What is the burning rate of the coin itself?

However, given the importance of the $0.00002584 support line, Shiba Inu price may be able to recover and reclaim $0.00002853. If this level moves to support, the bearish outlook will be invalidated and the SHIB stock price could once again surpass $0.00003000.

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