MemeCore (M) has overtaken Shiba Inu (SHIB) to become the second-largest meme coin by market capitalization, following a 25% price surge. MemeCore's market cap has risen to approximately $4.3 billion, surpassing SHIB's $3.7 billion. Despite a 3% weekly gain, SHIB has lost half its value over the past year, highlighting its struggles in the volatile meme coin sector.
MemeCore's recent rally may be linked to its "No Cap(tion)" community contest, offering USDT rewards. However, concerns about the project's stability persist, with analysts labeling it a potential scam due to its concentrated network control. Additionally, MemeCore's Relative Strength Index (RSI) indicates overbought conditions, suggesting a possible price correction.
Shiba Inu faces its own challenges, with declining user engagement and increased SHIB tokens on exchanges, signaling potential selling pressure. The reduced activity on Shibarium, its layer-2 scaling solution, further reflects waning demand and utility, raising questions about SHIB's ability to regain its former status.
MemeCore Overtakes Shiba Inu as Second-Largest Meme Coin Amid Volatility
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