Shiba Inu is one of the hottest meme coins ever. SHIB has a large community of followers. They are the project’s strength.
In fact, they have helped SHIB hold the second position on the meme coin chart over the last years. SHIB is only second to Dogecoin in terms of meme coin market cap.
But Can SHIB Maintain its Momentum?
Shiba Inu has recorded a lifetime return of 1400000%, according to data from CoinMarketCap. In the crypto boom of 2021, the project hit an all-time high of $0.00008845.
The SHIB sensation spread across the crypto market during this time. It ignited a new wave of interest in meme coins.
The volatile price action of DOGE and SHIB proved that meme coins are here to stay. Even if they don’t focus on utility or purpose, they have their charm.
Shiba Inu all-time price action, source: CoinMarketCap
Fast-forward to 2024, meme coins are still hot. They have a market cap of around $50 billion. But there is a catch. DOGE and SHIB are not as hot as they used to be.
There are multiple factors behind their lacklustre market positioning. To begin with, these cryptos have their market caps in the billions. DOGE stands tall with an $18 billion market cap, while SHIB follows behind with $11 billion.
The large market caps don’t leave them much room for growth. That explains why they are still struggling to reclaim their all-time highs.
For a better context, SHIB is nearly 80% down from its all-time high. It is slowly making its way back to glory, but the road ahead seems long. The growing market competition doesn’t make it any easier.
Fierce Market Competition: Shiba Inu Investors Are Looking for Alternatives
Shiba Inu is a robust meme coin with an action-packed legacy. But the returns from SHIB pale in comparison to other top meme coins this season.
For example, PEPE, POPCAT, NEIRO, and WIF have outperformed SHIB on the annual chart. They are much younger than Shiba Inu and have smaller communities. Yet, investors bagged higher returns from these assets.
POPCAT all-time price action, source: CoinMarketCap
While SHIB has managed an annual gain of just above 150%, Pepe records a 1500% gain. Popcat, an even younger meme coin, leaves Pepe behind with an astonishing, 7000% surge. Another delightful meme coin story this year is written by NEIRO, which has recorded over 45,000% since its launch in the second half of the year.
Of course, these meme coins have exploded to hundreds of millions in market caps, which deems them largely saturated. Whether they can match SHIB, a much more established meme coin, remains to be seen. But it goes without saying that young meme coins are capable of working wonders.
Since their low initial market cap leaves a large room for returns, new meme coins draw widespread attention from degens. The latest meme coin to capture their attention is Shiba Shootout.
Being in its presale phase, the project gives an incredibly low entry point to early investors on a small budget. A low price is never enough to buy an asset, however. It’s important to analyse the project and its growth potential before buying in. Here too, Shiba Shootout shines.
$1.2 Million Raised: Shiba Shootout Brings Play-to-Earn to the Crypto Wild West
With a theme straight out of a Wild West showdown, Shiba Shootout shouts out that it isn’t a typical meme coin. It brings a thrilling play-to-earn (P2E) gaming experience into the Shiba Inu universe.
The mobile game is set in the rugged, lawless town of Shiba Gulch. Here, Marshal Shiba will lead a crew of meme-loving gunslingers known as the “Shiba Sharpshooters” in thrilling gunfights.
Players can earn SHIBASHOOT reward tokens by defeating outlaws. Timing, precision, and strategy will be key to success.
The game is currently available for both Android and iOS devices, with a new version set to launch once the presale wraps up. For those looking for a project that does more than just “hype,” Shiba Shootout presents a good option.
Early investors are buying into the token for fixed, discounted prices in the ongoing presale. Early entry also comes with attractive staking rewards. At the time of writing, the staking Annual Percentage Yield (APY) is a staggering 750%, with more than 42 million tokens already staked.
The staking rewards make the token appealing to both passive investors and active players. In addition, Shiba Shootout offers attractive sources of rewards like Posse Rewards (a referral program), Campfire Stories, Savings Saddlebags, and Lucky Lasso Lotteries.
Join the Shiba Shootout (SHIBASHOOT) Presale
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