The crypto market hints at an extended correction in September as Bitcoin struggles to hold above the $60,000 mark. If the bearish trend intensifies, SHIB, the second-largest meme coin, could break below its crucial $0.000012 support, opening the door for Shiba Inu rivals to capture investor interest.
Shiba Inu Rivals Poised to Shine as SHIB Faces 71% Loss in 2024
Shiba Inu Rivals – Dogecoin (Doge), Pepe coin (PEPE), Dogwifhat (WIF), Toncoin (TON), Polygon (MATIC) and TRON (TRX) are likely to draw investors attention as SHIB price shows an established downtrend March 2024. This bearish turnaround has plunged the asset from $0.000045 to $0.000013, registering a 71% loss, while the market cap dropped to $7.709 Billion. Amid the anticipated market fall in September, the SHIB price could breach $0.000012 support.
Dogecoin (DOGE)
Leading the pack of Shiba Inu rivals, Dogecoin (DOGE) is currently trading at $0.095, with an impressive market cap of $13.9 billion. While the DOGE price shows a similar six-month downtrend in the daily chart, the on-chain metric MVRV (Market Value to Realized Value) ratio hints at a potential reversal.
According to Santiment data, the 30-day MVRV ratio at -6.69% indicates that short-term traders are at a loss, which forces them to exit their position if market correction extends. This liquidation may cause initial volatility and decline, but it is observed to attract long-term buyers to drive a sustainable reversal.
Toncoin (TON)
Amongst the top Shiba Inu rivals, Toncoin has a market cap of $11.82 billion compared to the $7.75 billion Shiba Inu, helping it enter the top 10 list of cryptocurrencies. The TON price is trading at $4.66, with a 10.10% drop in the past 24 hours.
Despite this bear market, the total address with balance in the Toncoin network has increased to 30.52K. This marks a significant rise in the network from its recent high and reveals massive network growth over the years.
Further, in recent attempts to boost Toncoin, Binance added TON to the Simple Earn Product list. Hence, the Toncoin price will likely skyrocket by the end of 2024.
Dogwifhat (WIF)
In the last five months, the Dogwifhat coin showed a steady downfall from $4.86 to $1.4, registering a loss of 70%. Consecutively, the market cap plunged to $1.51 Billion. This correction has aligned with a well-known reversal pattern, the falling wedge, which often signals an imminent breakout.
Derivative market data from Coinglass shows that the WIF funding rate has spiked to 0.0061%. This positive reading suggests that buyers are willing to pay a premium to maintain long positions in the asset, reflecting strong confidence in a potential upswing.
Polygon (MATIC)
Polygon (MATIC) was once ranked among the top 10 cryptocurrencies globally but has significantly declined during the recent market correction. Currently trading at $0.3759, it has dropped 7.9% in the past 24 hours, with a market cap of $3.71 billion. Despite this decline, the lower market cap presents substantial upside potential compared to other Shiba Inu rivals.
Polygon’s growing network and the transition from MATIC to POL tokens have also propelled it into a trending spotlight. The recent surge in new addresses (1.29k) and active addresses (5.37k) further indicates steady network growth.
TRON (TRX)
TRX, the native cryptocurrency of the TRON ecosystem, showcased a notable pullback from $0.17 to $0.149— a 12% decrease within a fortnight. Consecutively, the market cap plunged to $12.95 Billion.
However, this pullback shows weak momentum compared to the August rally driven by the launch of Sunpump, a meme coin generator on TRON.
Data from Intotheblock analytics highlight that wallets with TRX balance have surged to a high of 111.56 Addresses. This significant increase implies growing interest and adoption of TRON as more investors accumulate this coin.
Pepe coin (PEPE)
The Frog-themed meme coin PEPE has traded sideways for over a month and maintains stable support at $0.0000068. By press time, the PEPE price had traded at 0.0000071, while its market cap was $2.99.
Though the last three months’ correction may discourage speculative traders, the major investors have shown in PEPE that wallets with balances between 100 million and 1 billion tokens have surged to 44.6k.
This indicates an active accumulation by whales, which could drive a strong recovery.
The post Top 6 Shiba Inu Rivals with 100x Potential appeared first on CoinGape.
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