At the time of writing, Shiba Inu (SHIB) is trading at about $0.00001001 according to CoinMarketCap. As a meme coin, it has seen some heavier competition from other tokens such as Pepe (PEPE). After facing a key resistance of $0.00001011, SHIB holders may suffer considerable losses as data from IntoTheBlock shows that 186.38 trillion SHIB tokens are held by 143,000 wallet addresses. The second largest meme coin, PEPE, has seen an increase of more than 300% over the past weekend and a significant surge in 24-hour trading volume, which saw it nearly become a competitor to SHIB and Dogecoin (DOGE).

Despite its present struggles, SHIB retains its popularity among U.S. traders according to a recent study by CoinGecko. The research revealed that SHIB accounted for 60.7% of U.S. interest in the meme coin category. Unfortunately SHIB has not had any recent successes, only managing to climb 0.29% over the past 24 hours at the time of this writing, whereas PEPE grew more than 22% and was trading at about $0.000001277.

It remains to be seen whether SHIB can recover to a more profitable state, but the research from CoinGecko suggests that the coin still holds a fair amount of favorability with investors. With its key resistance being stated at $0.00001011, there is the potential for SHIB holders to recover some of their losses in the event of a price surge. It is important to exercise caution when attempting to navigate the cryptocurrency market and to remember that investments in any asset are subject to high levels of risk.



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