Investor interest in meme coins SHIB and FLOKI declines; One altcoin is going viral this week after a huge spike in volume

The Shiba Inu (SHIB) was going through perilous times. While other cryptocurrencies are gaining popularity, SHIB has seen less interest from investors. Analysts noted 5 days ago that SHIB price remains restricted between the 50 and 200 EMA, indicating weak momentum and low investor confidence. Despite the recent gains, SHIB is not out of the sideways trading trend. Its trading volume remains incredibly low, indicating a lack of interest among market participants.

As of 3 days ago, SHIB price was moving in an upward channel, with the 0.618 Fibonacci retracement level serving as an important support area. If the symbol continues above this level, it could rise to targets of $0.00002715 or higher. However, a breakdown below the trend line threatens to pull SHIB down to $0.00002181, further exacerbating its challenges.

Likewise, FLOKI has faced a decline in investor enthusiasm. Despite its ambitious plan to launch an exchange-traded product (ETP), doubts loom over its ability to regain momentum. While the ETP may position FLOKI as a more credible player, the cooling of investor interest in FLOKI suggests that market participants are looking elsewhere for sustainable growth.