Dogecoin‘s main competitor, and historically the second most popular meme coin, is now facing strong challenges from a newer coin called MemeCore (M).
Its price jumped significantly in the last day, pushing it back into second place, and leading many to wonder if it can regain its previous high point.
Shuffle in the Sector… Again
Looking at Shiba Inu, while it’s seen a small 3% gain this week, the overall trend is concerning. Over the last year, the token has lost about half its value. This decline has also impacted its market standing; its market cap is now around $3.7 billion, which has moved it down to third place among meme coins.
As of today, May 5th, MemeCore (M) is the second-highest performing cryptocurrency. Its price is up 25%, and its market value has reached around $4.3 billion.
It’s still not entirely clear what caused the recent increase in interest around M, but a new contest announced on their X (formerly Twitter) account might be the reason. The team is running a “No Cap(tion)” contest where participants can win USDT rewards by submitting creative and fun captions that match a given scene. The contest runs until May 7th.
There are growing concerns about M, and its price could fall quickly. Several analysts, including one on X called Noodles, believe the project is a scam and essentially inactive, pointing out that very few wallets appear to control the entire network. This lack of distribution makes the current price highly susceptible to artificial inflation and potential collapse.
The Relative Strength Index (RSI) for M is currently above 75, which often suggests the price might soon decrease. RSI is a tool used to track how quickly and drastically the price of an asset is changing, with values ranging from 0 to 100. Generally, a reading below 30 indicates a potential buying opportunity.
What’s Next for SHIB?
I’m keeping a close eye on the market, and honestly, I think we might see a short-term dip for Bitcoin. But it’s not just Bitcoin – even Shiba Inu could be affected. As a meme coin, SHIB is really sensitive to trends and quick bursts of excitement, and right now, I’m seeing signs that people aren’t engaging with it as much, which makes me worry about a potential price drop.
As an analyst, I’ve been closely watching Shibarium, and the current transaction volume is a clear concern. It’s significantly lower than what we saw before last year’s security incident. This drop suggests a lack of strong user interest, decreasing real-world use cases for the network, and a dwindling number of active users. All of this could further erode confidence in the Shibarium ecosystem and its potential.
The growing number of SHIB tokens held on exchanges is a negative sign. It suggests investors are moving their SHIB from personal wallets to exchanges, which could lead to more immediate selling and potentially lower prices.
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2026-05-05 19:34