Shiba Inu and Solana stumble – new coin leads the bullish market

Trading the crypto market can be profitable but is sometimes rocky. For instance, Shiba Inu (SHIB) and Solana (SOL) holders are facing it rough as the two coins continue dropping. 

On the other hand, there is a reprieve for those who opted for Grimace as its token, GRIMACE, is floating higher. Even the 168.86% increase in the token’s price between Aug. 1 and Sep. 1 is dwarfed by the 1,296.63% increase seen since July 1.

This article examines their current market status and explores potential strategies moving forward.

Shiba Inu backers counting losses as price’s poised for free fall

Shiba Inu backers counting losses as price’s poised for free fall

Despite the excitement ahead of Shibarium, SHIB holders are deep in losses. Against the more positive expectations, the popular meme coin is struggling to recover.

There are multiple factors that contributed to the decline of SHIB. All these were apparent to experienced market analysts and casual followers of SHIB, which includes traders and investors. 

SHIB is down 1.34% and 4.81% at the time of writing in the past 24 hours and month, respectively. The outlook is somewhat bleak. Unless the coin is able to pull a miracle, the downside momentum appears to be strong.

With new coins emerging and presenting themselves as a more interesting, secure and trustworthy alternative to SHIB, the coin can fall into oblivion. Despite a promising start, the current situation is bad for all holders of SHIB.

Solana’s decline to continue?

Solana is grappling with bears, and many SOL holders are considering other options. The coin’s strong initial performance keeps a lot of participants confident, but the general outlook might be shifting.

There’s also a high likelihood that Solana‘s oversaturated non-fungible token (NFT) marketplace might eventually do the opposite of its intended effect. Right now, it’s luring people in, but it’s difficult to predict what’s going to happen once the bubble pops.

Trading at $20.26 when writing, the coin is down over 90% from its all-time high of $260. Analysts expect even more losses in lieu of the projected 8 to 10% yearly surges.

In the past week and month, SOL is down 4.43% and 19.52%, respectively. The ongoing scalability debates surrounding this coin are likely to have a negative impact on the price.

Expect more growth for GRIMACE?

Grimace is a new project that launched in April 2023. However, it soared from $4.8 to $87 in a few months, evolving to be a sought-after coin of the year given its performance.

Two months after launching, the Grimace token, GRIMACE, rose by over five-fold as average daily trading volumes reached $60,000,000.

As the current fastest-growing coin on Bitget, it’s not the first time that GRIMACE has outperformed the market and everyone’s expectations for it. At this pace, some analysts predict the token to rally above $1,000 in future sessions.

Though Grimace initially launched as a meme coin, its ecosystem has expanded. There could be opportunities for web3 enthusiasts to explore. At the moment, the demand is higher and number of tokens, limited.

Way forward

Investors often steer clear of a dying token. Presently, Shiba Inu and Solana holders are exploring alternatives like Grimace because it already generated a staggering 1,580.85% in the last 3 months

Given the token’s anticipated growth and limited supply, investors are exploring GRIMACE. As it is, the window of opportunity to consider buying the coin in the $65-$70 region may close in September.