The meme-based market is witnessing volatility. Its market cap is $3.13 trillion, reflecting a 1% dip in the past 24 hours.
Shiba Inu's price is attempting to gain momentum and stage a breakout, while newer meme coins are facing massive declines of up to 90%. As the broader crypto market experiences turbulence, including a drop in Bitcoin (BTC) and selling pressure across altcoins, meme coins have not been spared.
However, the performance disparity between established meme assets and recently launched tokens is noteworthy. Meme coins continue to be a volatile segment of the crypto market, and as we've seen in the past three weeks, newer assets have struggled to maintain their earlier gains.
After a promising start in the past few months, several new meme coins, such as WIF, have lost a significant portion of their value, highlighting the challenges and risks associated with these assets. At the same time, older meme coins, such as Dogecoin and Shiba Inu, are showing more resilience.
As the dust settles and the market consolidates, it will be interesting to see how Shiba Inu's price responds to the changing market dynamics and whether it can capitalize on the struggles of newer meme coins to stage a breakout rally.
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