Is Shiba Inu Still a Viable Investment? SHIB Price Declines While SPONGE Shows Strong Rally - Is There 100x Potential in 2023?

cryptonews.com:

The price of Shiba Inu (SHIB) has dropped by 2% in the past 24 hours, slipping to $0.00000865 as the cryptocurrency market as a whole falls by 1.5%.

SHIB's dip today means it has lost 1% in a week and 16% in the last 30 days, with the meme token up by 6.5% since the beginning of the year.

Given that the likes of Bitcoin (BTC) and Ethereum (ETH) have gained by 61% and 51% since the start of 2023, SHIB could easily be accused of underperforming in recent months, with the coin having been on a steady decline since February.

But while this ongoing loss of value could be used as evidence that SHIB may be in a state of terminal decline, the long-awaited arrival of layer-two network Shibarium could easily send the meme token flying in the next few months, as could the appearance of SHIB: The Metaverse.

On top of this, traders may also seek to diversify their holdings into newer meme tokens that have been enjoying more momentum as of late, with SpongeBob (SPONGE) being one of the most notable of these.

SHIB's chart doesn't provide much in the way of good news at the moment, with its indicators suggesting further losses in the coming days.

The coin's relative strength index (purple) has declined from just over 70 a couple of days ago to nearly 30 today, and could drop further before it makes a comeback.

Also suggesting further declines is SHIB's 30-day moving average (yellow), which is now dropping towards its 200-day average (blue) and could fall below the latter in the next one or two days, forming a 'death cross.'

And while SHIB's support level (green) has risen in the past two days, the meme token could easily fall through this floor, something which would portend more losses.

Because the wider market remains in a mixed and uncertain