Shiba Inu (SHIB) experienced a price drop just a day after a significant increase of 12% due to the news of U.S. users being able to purchase the meme coin directly through the PayPal app. MoonPay’s partnership with PayPal aimed to facilitate the transition from traditional currency to cryptocurrencies like Shiba Inu.

MoonPay’s integration with PayPal allows users to pay for crypto using their PayPal balance, debit cards, or direct bank transfers, making it easier for MoonPay customers who use PayPal for online shopping to enter the world of crypto. This collaboration led to an 11.98% increase in the price of SHIB, reaching $0.00002553, aligning with the rise of other meme coins such as Dogwifhat (WIF), Floki (FLOKI), and Dogecoin (DOGE).

However, within the next 24 hours, SHIB’s price decreased by over 3%, currently standing at approximately $0.00002479. The 24-hour trading volume for SHIB dropped to $484,021,533, marking a significant 45% decrease from the previous day’s levels. This downward trend was also seen in other major meme coins, with most experiencing price drops ranging from 0.88% to 4.83%.

Dogecoin, which previously surged by 20.27%, is now trading at $0.1603, reflecting a 2.20% decrease. Floki, after an impressive 21.58% increase, saw a 2.78% decline. Bonk, the sixth-ranked meme coin by market capitalization, lost nearly 5% of its value, while WIF only experienced a minor 0.88% dip in price.

Despite the recent price fluctuations in meme coins, the cryptocurrency market remains dynamic and offers potential opportunities for investors looking to diversify their portfolios. Stay informed about the latest developments in the crypto world to make well-informed investment decisions.

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