Shiba Inu Price Analysis: LAIKA, PEPE Could Outpace SHIB as Whale Transactions Decline 83%

Shiba Inu Price Analysis

Shiba Inu price tumbled towards $0.000014 level on Friday July, 5, bringing its 14-day timeframe losses to 28%, crucial market data shows the investors could turn attention towards other promising meme tokens in the days ahead.

SHIB Falls Behind PEPE Amid Market Downswing

The memecoin sector suffered significant losses on July 5 as the bearish headwinds from the impending Mt. Gox $9 billion Bitcoin payouts sent shockwaves across the global crypto markets.

Shiba Inu (SHIB) price was was one of the worst-hit assets during the market downturn on Friday, due to short-term traders opting to exit large cap meme tokens who known to me more sensitive to market sentiments.

The chart above shows the SHIB price has declined 28% within the last 12 days dating back to June 23. Meanwhile in comparison, PEPE price has posted a slightly more resilient performance with losses under 26% during the same time frame.

This recent divergence between SHIB and PEPE price action over the last two weeks, alludes to the narrative that whale investors may be exiting large cap memes like SHIB and DOGE and opt for mid-range and low cap alternatives ahead of the next bullish market phase.

In affirmation of this stance, IntoTheBlock’s Large Transactions tracks whale activity on a blockchain network by the number of confirmed single transactions that exceed $100,000 in value on a given day.

The chart above shows the a month ago on June 5, SHIB had attracted 731 unique whale transactions. But since then, the whales have increasing cut back on their SHIB positions and active trading activity.

Meanwhile, the latest data recorded shows that SHIB pulled only 125 whale transactions on July 4. This reflects a whopping 83% decline in whale demand for Shiba Inu within the past month.

Whales Could Switch Focus to Newly-Launched Memes

In H1 2024, the Solana ecosystem drew significant media and market traction as new native memecoins like Book of Memes (BOME) and Dogwifhat (WIF) raced to rallies in excess of 1000%.

As July 2024, rolls by, LAIKI, a new promising me launched on the Solana blockchain network is showing potential to follow in BOME and WIF footsteps in  second-half of the year.

Known for launching its mascot to Earth’s Orbit at launch in March 2024, LAIKA has quickly gained traction despite being one of the newest memecoins in the Solana ecosystem.

Despite the intense volatility surrounding the crypto markets, LAIKA native token has managed to score a 2% rebound within the last 24-hours, while the likes of SHIB battle double-digit losses.

At the time of publication, LAIKA’s spot price comes in at $0.000073, with its market capitalization and average daily trading volume in excess of $71 million and $1.5 million respectively.

With  its reward-based Laika Moon Mission Game, Laika token could attract more demand in the days ahead as investors increasingly seek to tide over the bearish market phase with passive income.

If the memecoin whale’s preference for low-cap memecoins persists amid the crypto bear market, tokens like LAIKA and PEPE are well-poised to gain ground on SHIB in the weeks ahead.

SHIB Price Forecast: Bulls Battle to Hold $0.000013 Support

The price of Shiba Inu (SHIB) has experienced a significant decline, dropping to as low as $0.0000127, and currently trading around $0.0000145. The daily price chart indicates a bearish trend, with SHIB losing over 27% of its value in the past 12 days.

The Bollinger Bands show increased volatility, and the price is approaching the lower band, suggesting further downside risk. Key support levels to watch are $0.0000140 and the critical $0.0000130.

If the bears manage to push the price below these levels, SHIB could see a further decline towards $0.0000120.

On the upside, resistance levels are at $0.0000174 and $0.0000201. For a bullish reversal, SHIB needs to break and hold above these resistance levels.

Despite the recent dip, this price action could present an opportunity for new entrants looking to buy at lower levels. Investors should be cautious, however, as the overall trend remains bearish, and further declines could be imminent if the key support levels fail to hold.