Shiba Inu has moved from being one of the most popular cryptocurrencies to a fallen angel. SHIB was trading at $0.00001294 on Tuesday, down by over 60% from its highest point in November last year and 85% below its all-time high.
Shiba Inu is a Fallen Angel
A fallen angel is defined as an asset that was once highly popular but has since lost its popularity and fundamentals. Think of companies like Blockbuster, Sears, and GoPro.
Shiba Inu was a highly popular cryptocurrency at its peak in 2021, such that its market cap jumped to over $35 billion. Today, its demand has waned as evidenced by its daily volume, which stood at $294 million. This volume was significantly lower than that of some smaller and newer cryptocurrencies, such as Pudgy Penguins and Pepe.
The same has happened in the futures market, where its open interest has plunged to $154 million, down from the July high of $328 million.
At the same time, its ecosystem has melted away. Shibarium, its layer-2 network, has accumulated less than $2 million in total value locked (TVL). In contrast, newer layer-2 networks like Base and Unichain have attracted tens of developers and billions in assets.
Technicals suggest that the SHIB price is on the verge of a breakdown. It has formed a bearish pennant pattern, which comprises a vertical line and a symmetrical triangle. Therefore, with the two lines of the triangle nearing their confluence, it will likely have a bearish breakout in the coming days.
SHIB price chart | Source: TradingView
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Bitcoin Penguin is the Next Big Thing
Other contenders are coming up now that Shiba Inu is losing its shine. One of these tokens is Bitcoin Penguins, which has gone viral in the past two weeks.
Bitcoin Penguins aims to surpass the success of Pudgy Penguins, and early signs show that it is on track to do so. Data shows that the token has already raised over $2.6 million in the last two weeks, and the sale is gaining steam.
A single BPENGU token is trading at $0.00141 today, and the developers have plans in place to push it to $2 by the end of the year. Achieving that would make it one of the top-performing cryptocurrencies in the industry.
One of the strategies is to give Bitcoin dividends to its holders over time. Also, they are already working to make Bitcoin Penguins a cultural item by partnering with a major toy manufacturer.
Bitcoin Penguins has allocated liquidity tokens to ensure the token is listed on the industry’s largest crypto exchanges. In most cases, tokens go parabolic after being listed by companies like Upbit and Binance, and BPENGU will not be an exception.
Most importantly, the developers have created a token sale approach that enables everyone to win. For example, buyers at the current stage can expect to generate over 70% return when it is listed. Learn more about how to buy BPENGU here.
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