The meme coin market has surged by nearly 24% since July, with an influx of funds entering the sector worth $14 billion, according to the latest SHIB data by CoinMarketCap. The spike in funds comes after a year of stagnation, which led to leading meme coins like Dogecoin, Shiba Inu, Pepe, and Bonk facing a price decline.
The 24-hour trading volume for these meme coins has surged briefly but needs a robust push to attract more investors. Whales have mostly taken an entry position in Shiba Inu since July, stabilizing its value in the charts. Its price is at the $0.000012 range for close to a month and is consolidating in value.
Also Read: When Will Shiba Inu Resume Making Money for Investors?
Will Shiba Inu Soar in Value After Investments in the Meme Coin Segment Rise?
A leg-up from here could push SHIB to reach the $0.000013 mark, where it had last reached in July. Taking an entry position in Shiba Inu could be beneficial as investors are warming up to the meme coin sector. However, the benefits could dwindle if the influx of funds fails to grow from here, as the market’s mood is dampening.
The broader cryptocurrency market, including Bitcoin, has been seeing a price correction for two weeks. Bitcoin has fallen to the $111,000 level after trading at $124,000 in mid-August. The weakness could spread to the meme coin sector, affecting Shiba Inu, Dogecoin, and other leading cryptocurrencies.
Also Read: Shiba Inu ATH Nears As Analyst Spots End of Consolidation Phase
Meme coins like Shiba Inu and Dogecoin are known for two things: wild fluctuations and no momentum. We are currently in the no momentum stage, where nothing seems to be working in favor of investors. The days of wild fluctuations are over, but might recur someday, only that nobody knows when. In meme coins, the best solution is to invest and forget about it. When it rises, it delivers the outcome; if not, only invest what you can afford to lose.