Is Shiba Inu a Good Investment? Shiba Price Drops While New AI Meme Coin Goes Viral - 100x Potential in 2023?
The crypto market is back on track and has posted a 1.34% increase in the past day.
The foremost cryptocurrency, Bitcoin, is leading this bullish rally, but meme coins like Dogecoin have also seen remarkable changes in fortune.
However, popular 'Dogecoin killer' Shiba Inu is having a rough day as it is trading in a contrarian manner.
So far, the ERC-20 token is down by 0.82%, with more downtrend expected in a market that is seeing increased levels of competition for investors' attention.
Meanwhile, in the meme crypto ecosystem, AiDoge, a new promising project, is catching the attention of investors.
This emerging project uses artificial intelligence (AI) to create contextually relevant memes.
The platform's native token, $AI, has already secured more than $1.96 million in its first three weeks of presale.
This token's fast rise could be the beginning of another crypto boom for the emerging sector.
The crypto market is still a long way from crossing the Rubicon, but the nascent industry has been largely positive since 2023, as opposed to the bearish straits of 2022.
However, $SHIB has largely underperformed in this current bullish run, and the digital asset is still struggling to maintain the attention it gained in 2021.
At press time, $SHIB is trading at $0.000009805, indicating a downtrend of 1.46% in the last 24 hours. This decline has led to Shiba Inu's market cap sliding to $5.7 billion-plus, although its 24-hour trading volume of over $142 million points to an increase of 56.95%.
Regarding its longer-term performance, $SHIB has had a string of poor results. The canine-themed asset has shed 4.49% in the past week, with a further loss of 12.91% in the last 30 days.
Its 90 days performance is also in the red zone with a
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