Shiba Inu, the second-largest meme coin, has dropped by around 5.4% over the past 24 hours. At the time of writing, SHIB was trading at $0.0000119, according to Coingecko. The current price action shows that the bullish rally formed last week is now cooling down.

Shiba Inu price analysis

SHIB has pumped by 17% over the past seven days. The meme coin is currently cooling off after last week’s major rally that saw 17% gains for the coin. SHIB’s price action currently mirrors that of the global cryptocurrency market, which has dropped by around 2%.

This year, Shiba Inu has had a rough time breaking to its all-time highs created in October last year. Nevertheless, some analysts are optimistic that the meme coin’s trend will reverse, and its price could rise.

For SHIB to sustain the current rally, the broader cryptocurrency market must continue offering support. Currently, the bullish streak that had been formed over the past week is showing signs of cooling down, which could see SHIB dropping lower.

In the last 24 hours, SHIB’s trading volumes have plunged by over 60% to $972 million. Despite the significant plunge, the trading volumes are still healthy.

The lack of SHIB to sustain the bullish trend has seen the meme coin’s Relative Strength Index (RSI) reach 45, which shows neutrality between the buyers and the sellers. The movement of the RSI will largely depend on the trend that the broader market will take in the coming hours.

In the last 24 hours, SHIB has traded between $0.00001172 and $0.00001273, showing low volatility. If the bearish trend continues, SHIB will likely slump to $0.0000099 in the short term.

Tamadoge outperforms the market with 20% gains

As SHIB and most meme coins retrace from last week’s rally, Tamadoge (TAMA) is defying the odds, jumping 20.4% today. At the time of writing, TAMA was trading at $0.0283, making it one of the top ten gainers on CoinGecko, with trading volumes of $4.9 million over the past 24 hours.

TAMA is outperforming other meme coins and the entire market because of its focus on utility. Tamadoge is one of the best utility tokens by taking a unique approach and venturing into blockchain gaming. Currently, Tamadoge is engaging in a non-fungible token (NFT) drop for the Tamaverse. The NFT drop is attracting massive interest from gamers.

Check out these new altcoins

If you are checking out meme coins such as TAMA, you might also consider investing in these new altcoins.

One of these is Dash 2 Trade (D2T). Dash 2 Trade is a platform that gives new and experienced traders access to crypto trading signals. D2T is the next token to explode, having raised over $3.4 million in a little over a week. The second stage of the presale will end after $5,166,000 is raised.

The second major presale is the one for IMPT. The IMPT presale has raised more than $11 million after launching on October 3. IMPT is the native token for IMPT.io, a platform that gives individuals and companies an easier way to lower their carbon footprint.

Thirdly, we have the Calvaria (RIA) presale. The RIA presale has raised over 890,000 USDT and has already entered the third stage, which is over 60% complete. Calvaria is a blockchain gaming project. Unlike other play-to-earn games, Calvaria is also focused on attracting non-crypto players.

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