Shiba Inu Tumbles 12% In Single Day Amid Wider Crypto Downturn, Underperforms Dogecoin, Pepe Coin
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) fell by 12% in a single day, underperforming compared to Dogecoin (CRYPTO: DOGE) and Pepe Coin (CRYPTO: PEPE). This decline comes after the launch of the Ethereum (CRYPTO: ETH) layer 2 solution, Shibarium, which faced technical difficulties. Bitcoin (CRYPTO: BTC) also saw a significant drop, falling below the $26,000 mark for the first time in two months.
August 18, 2023 | 7:55 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Bitcoin fell below the $26,000 mark for the first time in two months.
The drop in Bitcoin's price is significant and could indicate a bearish trend in the short term. This is likely to impact investor sentiment and could lead to further selling pressure.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The launch of the Ethereum layer 2 solution, Shibarium, faced technical difficulties.
The technical difficulties faced by Shibarium could impact Ethereum's reputation and investor sentiment, potentially leading to a drop in its price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
Shiba Inu fell by 12% in a single day, underperforming compared to Dogecoin and Pepe Coin.
The significant drop in Shiba Inu's price, coupled with the technical difficulties faced by Shibarium, could lead to a bearish trend in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Dogecoin outperformed Shiba Inu, which fell by 12% in a single day.
While Dogecoin outperformed Shiba Inu, the overall market sentiment is bearish. This could lead to volatility in Dogecoin's price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Pepe Coin outperformed Shiba Inu, which fell by 12% in a single day.
While Pepe Coin outperformed Shiba Inu, the overall market sentiment is bearish. This could lead to volatility in Pepe Coin's price in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60