Memecoin rally did not help $SHIB to exit the downward spiral that led to the unexpectedly swift drop toward a critical level
The market dynamics of SHIB highlight the inherent risks associated with investing in meme coins. Shiba Inu was the PEPE of 2021, bringing enormous gains to early investors. Unfortunately, the rally was short-lived and quickly turned into a disaster for anyone who entered SHIB around the ATH.The meme token Pepe has experienced a massive crash, losing more than 50% of its value after several whales, including some linked to the token's developers, decided to cash out their holdings.
The sudden collapse of PEPE's value confirms the long-term unviability of such tokens and their inability to show stable market performance. It also serves as a warning for those considering entering the meme coin market, emphasizing the need for proper research and due diligence before investing in any cryptocurrency, especially those with limited use cases and questionable fundamentals.has managed to maintain a strong position on the market in terms of price performance.
Currently trading at $1,855, Ethereum has managed to avoid a critical sell-off and now sits comfortably at the 50-day moving average, which may serve as a guideline for its potential uptrend. The digital asset has managed to bounce back from a recent dip, where it briefly touched the $2,100 price threshold.Ethereum's price may face resistance at the $2,000 level, and a successful break above this point could signal further upward momentum.
In the long run, Ethereum's strength and stability may be attributed to its ongoing development and real-world use cases. With the staking unlock and finalized transition to PoS consensus mechanism, the network supposedly reached a higher level of scalability which has, unfortunately, been disproved by the enormous fees we are seeing on the network right now.
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