Shiba Inu (SHIB) holders are feeling the heat as the meme coin trades at $0.00001001, leaving nearly 186.38 trillion SHIB wallet addresses underwater. This struggle has been exacerbated by the rise of other meme coins like Pepe (PEPE), which recently hit a key resistance level at $0.00001011. According to data from IntoTheBlock, 143,000 wallet addresses holding 186.38 trillion SHIB are currently trading at a lower price than what they were purchased for.
However, if SHIB’s price breaks above the $0.00001011 resistance level, it could provide relief for these wallet addresses and potentially lead to a bullish thesis and recovery for SHIB. Despite the struggles, SHIB has retained its popularity among U.S. traders, generating 60.7% of U.S. interest in the meme coin category, according to a recent study by CoinGecko.
While SHIB has been struggling, other meme coins like PEPE have generated substantial profits for their holders. Over the past weekend, PEPE yielded over a 300% gain and saw a massive spike in its 24-hour trading volume, challenging competitors like Dogecoin (DOGE) and SHIB in the meme coin category. At press time, SHIB’s price had climbed 0.29% over the past 24 hours, while PEPE had climbed over 22% and was trading at $0.000001277.
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