As Shiba Inu (CRYPTO:SHIB) grapples with a notable 13.5% price correction over two days, the meme coin's dominance is being challenged by dogwifhat (CRYPTO:WIF), a new contender on the block.

Despite SHIB's significantly larger market cap, the trading volumes of the two meme coins are nearly on par, signaling a shift in investor interest towards WIF.

With nearly $2.52 billion in SHIB hovering on the brink of potential losses, the meme coin's position is increasingly precarious.

SHIB's struggle is compounded by WIF's rapid ascent, despite its smaller market cap, showcasing the dynamic and competitive nature of meme coin markets.

As SHIB approaches critical support levels, its future trajectory hangs in the balance, with potential for either a further decline or a rebound, contingent on market sentiment and investor actions.