Shiba Inu sees red again after surge, PayPal partnership

Shiba Inu (SHIB) is back in the red just one day after rising nearly 12% following news that U.S. users could buy the meme coin right within the PayPal app.

MoonPay announced its collaboration with PayPal on May 2, with the main goal being to make it easy for people to switch from regular money to cryptocurrencies like Shiba Inu.

According to a MoonPay blog post, the integration would make it simpler for MoonPay customers who use PayPal for online shopping to get into crypto.

Specifically, when they choose PayPal, users can pay for their crypto using their PayPal balance, debit cards, or direct bank transfers.

Following the announcement, the price of SHIB went up by 11.98% to $0.00002553.

The uptick was in tandem with other large-cap meme coins such as Dogwifhat (WIF), Floki (FLOKI), and Dogecoin (DOGE), which all went up by double digits.

In the last 24 hours, SHIB has lost more than 3% of its price. It’s currently changing hands at about $0.00002479. 

The price dip was accompanied by a 24-hour trading volume of $484,021,533, which, according to CoinMarketCap, was a more than 45% drop from the previous day’s levels.

Interestingly, Shiba Inu was not the only meme coin whose price dipped in the last 24 hours. Most of the major meme tokens that previously enjoyed double-digit upsurges were down by between 0.88% and 4.83%. 

• Dogecoin was previously up by 20.27%. It’s now trading at $0.1603 — a 2.20% decrease in value in the last 24 hours.
• Floki did well at the start of the weekend, going up by an impressive 21.58%; It’s currently in the red, having shaved off about 2.78% of its value over 24 hours. 
• Bonk (BONK), which ranks sixth among meme coins by market capitalization, lost nearly 5% of its price. Much like its peers, the Solana-based meme coin had a great start to the weekend too, jumping 11.51% to reach $0.00002915.
• WIF seems to have suffered the least damage in that time frame, registering a miniscule 0.88% dip in its price. Previously, it had been among the best-performing meme coins, with a nearly 29% price jump at the beginning of the weekend.