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Shiba Inu Price Drops: SHIB Meme Coin Traders Are Unfazed
- Shiba Inu price experiences a decrease, but SHIB traders remain unaffected, with long-term holders controlling over 80% of the supply.
- Meme coin market faces challenges as total market cap drops, with Shiba Inu ranking second to Dogecoin in market value.
- Despite market fluctuations, Shiba Inu performs well compared to other meme coins like DogWifHat and SPX.
- Activity in Solana, a key platform for meme coin trading, impacts the market, with fewer tokens launching on Pump.fun.
- Shibarium, an Ethereum layer-2 network by Shiba Inu, reaches a milestone of processing over 1 billion transactions, showing signs of adoption.
- Concerns arise regarding the speculative nature of meme coins, with critics questioning their utility and highlighting volatile price movements.
- Social media buzz and celebrity endorsements influence meme coin prices, leading to market excitement followed by crashes.
- Supporters argue that meme coins are here to stay, attributing their popularity to VC funding and entertainment value, despite criticisms.
- VCs dislike meme coins for their lack of utility, contrasting the entertainment value they provide and their role in shaping the crypto market.
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