\n\t\t\t\t\t\t\t\t\tDOGE remains the undisputed leader in the meme coin realm, whereas the battle for the second spot has been fierce lately.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The self-proclaimed Dogecoin killer, long-standing as the second-largest meme coin, has recently faced serious pressure from the fast-rising MemeCore (M).<\/p>\n
The latter posted a double-digit price increase over the past 24 hours and once again reclaimed the No. 2 spot, prompting questions about whether SHIB can restore its former glory.<\/p>\n
Shuffle in the Sector\u2026 Again<\/h2>\n
Shiba Inu may be up 3% on a weekly basis, but the broader picture is bleak \u2013 the token has lost half its value over the past year. Its market cap slipped to approximately $3.7 billion, pushing SHIB back into third place among all meme coins.<\/p>\n
The second position now belongs to MemeCore (M), which is one of the top-performing cryptocurrencies today (May 5). Its price has jumped 25%, while its capitalization has surged to roughly $4.3 billion.<\/p>\n
It remains unclear exactly what triggered M\u2019s rally, as one potential catalyst could be the recent initiative unveiled<\/a> on its X account. The team launched the \u201cNo Cap(tion)\u201d community contest, offering USDT rewards to participants. The event will run until May 7 as users\u2019 captions must \u201cfit the scene,\u201d \u201cbe creative,\u201d and \u201cfun.\u201d<\/p>\n It is worth noting that there are some red flags surrounding M, suggesting its price could reverse just as sharply. Numerous analysts, including X user Noodles, have labeled the project as a scam and a \u201cghost chain,\u201d claiming<\/a> that fewer than 10 wallets control the entire network. Such concentration makes the valuation highly vulnerable to manipulation.<\/p>\n Meanwhile, M\u2019s Relative Strength Index (RSI) has entered overbought territory at around 75, which is typically a precursor of a pullback. The technical analysis tool measures the speed and magnitude of recent price changes and ranges from 0 to 100. Conversely, anything below 30 is considered a bullish zone.<\/p>\n M could dip in the short term, but SHIB isn\u2019t immune either. As a meme coin, it is just as vulnerable to hype cycles, while several indicators point to weakening user engagement, which increases the risk of a correction.<\/p>\n Shibarium\u2019s activity is an evident example. Daily transactions processed on the layer-2 scaling solution remain quite low compared to figures observed before last year\u2019s exploit<\/a>. The reduced numbers reflect weak demand, fading utility, and a shrinking base of active ecosystem participants that could further undermine market confidence.<\/p>\n The rising amount of SHIB tokens stored on exchanges is another bearish factor. The development indicates that investors have shifted from self-custody methods toward centralized platforms, thereby increasing immediate selling pressure.<\/p>\n \u00a0<\/p>\nYou may also like:<\/h3>\n
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What\u2019s Next for SHIB?<\/h2>\n
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