Shiba Inu (SHIB) experienced a significant drop of 5%, falling to $0.000022 on January 19, 2025, amid the TRUMP Coin frenzy.
The memecoin market capitalization shed over $700 million as traders shifted focus to the newly launched $TRUMP token, which saw a rapid rise, hitting $12.5 billion in market cap within just 24 hours.
This shift has disrupted the memecoin landscape, with SHIB, along with DOGE and PEPE, all showing losses. The market dynamics are changing, with newer and trendier tokens drawing significant speculative interest.
The influx into TRUMP-linked tokens like $MAGA and $TRUMP has led to massive transaction volumes, overshadowing established players like Shiba Inu.
Currently, SHIB’s price forecast leans bearish as $0.000021 support level is being tested. If this support fails, $SHIB could continue to decline, potentially reaching $0.00001800.
On the upside, reclaiming the $0.00002242 midline could signal a potential reversal, but for now, the outlook is uncertain as traders appear to be more drawn to new-gen meme tokens promising quicker returns.
The broader meme coin market grew by 1.4%, but legacy tokens like SHIB are losing market share to newer assets. As TRUMP Coin continues to dominate market discussions, SHIB may face more challenges, potentially facing further declines unless it can stabilize and reclaim some momentum.
