Shiba Inu (SHIB) investors are not having an easy time this year. According to data from IntoTheBlock, the world’s second most popular meme coin has largely failed to emulate the bull market seen in other major cryptocurrencies like Bitcoin and Ethereum, with 81% of investors now in the red. SHIB/USD was last changing hands around $0.0000086, down around 45% from earlier yearly highs in the $0.000016 area, with yearly gains eroded to now only around 10%.
Shiba Inu’s losses have been cascading in recent days since the cryptocurrency dropped below key medium-term support just under the $0.000010 level, with many technicians thinking a test of late-2022’s lows in the $0.0000078 area is on the cards. Ominously, Shiba Inu is currently testing a key uptrend that has been offering long-term support going all the way back to September 2021. A break below here could spark a rout in the meme coin, and potentially set the stage for it to drop all the way back to the $0.000006 area.
As Shiba Inu craters, another, newer meme coin called No Meme Token (NOMEME) is also seeing a substantial price decline. No Meme Token (NOMEME) was launched in the wake of a tweet by Twitter, Tesla and SpaceX CEO Elon Musk, who shared a picture of a Milady Maker with the caption “There Is No Meme” and “I Love You” on Wednesday.
Milady Maker is a popular non-fungible token (NFT) collection on OpenSea and Musk’s tweet prompted an immediate pump in the collections price floor. It pumped as much as 10x versus its listing price on Uniswap in the first few hours, but has since come under significant sell pressure and is around 85% down from these earlier weekly highs. But some observers still think that the meme coin could benefit from one last pump.
Buying NOMEME is easy via the project’s simplistic website, which features a Uniswap embed. All a user needs to do it connect their web3 wallet to the Uniswap plugin and they can begin buying NOMEME immediately.