Shiba Inu, known by its acronym SHIB, has returned to a downward trend just one day after experiencing a nearly 12% increase in value following the exciting news that U.S. users could now purchase the popular meme coin directly through the PayPal app.
MoonPay recently announced a partnership with PayPal on May 2, aiming to streamline the process for individuals to transition from traditional currency to cryptocurrencies like Shiba Inu. Through this integration, MoonPay customers using PayPal for online shopping can easily access crypto assets using their PayPal balance, debit cards, or direct bank transfers.
Upon the announcement, SHIB saw a significant 11.98% surge in price, reaching $0.00002553, in line with the positive movement of other large-cap meme coins such as Dogwifhat (WIF), Floki (FLOKI), and Dogecoin (DOGE), all of which experienced double-digit gains.
However, in the past 24 hours, SHIB has faced a decline of over 3%, currently priced at around $0.00002479. This decrease was accompanied by a 24-hour trading volume of $484,021,533, marking a notable 45% drop from the previous day’s levels.
Interestingly, Shiba Inu was not the only meme coin to see a decrease in value within the last 24 hours. Many major meme tokens that previously enjoyed significant increases now faced drops ranging from 0.88% to 4.83%. For instance, Dogecoin, which had surged by 20.27%, is now trading at $0.1603, reflecting a 2.20% decrease in value over the past day.
Similarly, Floki initially rose by an impressive 21.58% at the weekend’s start but has since dropped by about 2.78%. Bonk (BONK), ranking sixth among meme coins by market capitalization, experienced a nearly 5% decline in price, despite a strong start to the weekend with an 11.51% increase reaching $0.00002915.
Among these fluctuations, WIF showed the smallest decrease, with only a 0.88% dip in price. Previously one of the best-performing meme coins, WIF had seen a nearly 29% price increase at the beginning of the weekend.
As the crypto market continues to evolve, it is essential to stay informed about these fluctuations to make informed investment decisions.