Investors Underwhelmed With Shiba Inu DAO Announcement – Is SHIB Dead?

Shiba Inu – once portrayed as the Dogecoin Killer – has disappointed investors with its tepid price action.

Shiba Inu (SHIB) price is continuing its tepid price action despite the announcement of a Decentralized Autonomous Organization (DAO) for SHIB holders.

However, the second-largest meme coin is now at risk of becoming a “dino coin” as newer meme coins like Pepe and Dogwifhat are leaving SHIB behind in the dust. Even mid-caps like NEIRO and Popcat are seeing more interest from meme coin enthusiasts.

Investors are now eyeing a new meme coin called Base Dawgz (DAWGZ) which is seeing massive interest, with over $3 million raised in its ICO. Experts are calling DAWGZ a low-cap gem which could offer up to 20x returns in the upcoming meme coin mania.

Investors Disappointed With Shiba Inu DAO Announcement – Is SHIB Dead?

Shiba Inu, which was once hyped up as the “Dogecoin Killer,” has left investors disappointed with its tepid price action.

For example, the SHIB price is only up 38% year-to-date, despite the meme coin outperforming the market during this bull cycle. In comparison, Popcat is up by a staggering 8100% YTD, posting the highest gains of any top 100 cryptocurrency on CoinMarketCap.

Even large caps like Dogwifhat, Pepe and Floki have heavily outperformed SHIB and are up by 1000%, 540% and 345% year-to-date, respectively.

Shiba Inu’s only saving grace is that Dogecoin also remains highly unimpressive, posting even worse gains than SHIB in 2024.

However, the sentiment surrounding DOGE is substantially more positive as compared to Shiba Inu. For instance, the sentiment analysis from the Crypto Fear and Greed Index gives a “very positive” score to Dogecoin and a “negative” to Shiba Inu.

After all, Dogecoin at least remains Elon Musk’s favourite cryptocurrency and the Tesla and X owner does not miss any opportunity to promote the meme coin. On the contrary, Shiba Inu’s utilities – including Shibarium, ShibaSwap and now, the Shiba Inu DAO – have failed to attract investors.

For instance, a popular meme coin enthusiast ClayBro – who has 130k YouTube subscribers – was left deeply underwhelmed by the Shiba Inu DAO announcement. In a recent video, he claimed that the developer team behind Shiba Inu has run out of ideas.

Indeed, the SHIB price is down 3.45% over the past day, in line with the weakness in Bitcoin. The meme coin is also heavily underperforming all crucial key moving average indicators, getting a “Strong Sell” signal from TradingView in the daily time frame.

Is Base Dawgz A Better Alternative?

Shiba Inu has been underperforming owing to the heavy interest in new meme coins. In fact, smart money investors are actively hunting for low-cap gems as they aim for 50x to 100x returns in the upcoming meme coin mania.

For instance, a new meme coin – Base Dawgz (DAWGZ) – has raised over $3 million in its ICO, a sign of its high upside potential. Considering that the presale is scheduled to close on August 28th, this figure could be much higher soon as investors FOMO into the meme coin.

We reached 3 million, DAWGZ!!!And we are going to end the presale soon. More details to follow soon 🪂

Base Dawgz has been in high demand from the very start of its presale. As such, there is a substantial demand for Base meme coins, especially after Brett’s success. There is a reason why Binance Futures has recently listed the Brett coin on its platform.

However, DAWGZ is also a multi-chain meme coin and is not limited to Base in its scope. It will also go live on Ethereum, Solana, BNB Smart Chain and Avalanche. In fact, early DAWGZ buyers are also earning substantial staking rewards – currently at an APY of over 700% – on each chain.

Additionally, innovative community-building solutions such as share-to-earn and refer-to-earn have impressed meme coin enthusiasts.

For instance, the aforementioned popular crypto trader ClayBro believes that DAWGZ could offer up to 20x returns for early buyers.