Shiba Inu has dumped 7% over the last 24 hours, and as a result has slipped down to being the 14th largest crypto by market cap.
Shiba Inu Has Plunged Down Around 7% Over The Past Day
After initially observing some decent bullish trend during the last couple of weeks, the past few days haven’t been so kind to the memecoin.
The last 24 hours, especially, have been rough for Shiba Inu as it’s has taken a beating of more than 7% in the period, taking the price down to just $0.00001100.
Here is a chart that shows how the crypto has performed during recent days:
Looks like the coin’s price had been going down in this period | Source: SHIBUSD on TradingView
As you can see in the above graph, Shiba Inu had been on a gradual decline during the last few days, but in the past 24 hours the crypto has been riding a sharp downwards momentum.
Following this tumble in the value of the memecoin, SHIB holders are now facing negative weekly returns of around 18%.
The crypto’s monthly performance is somewhat better, but the crypto still finds itself underwater in the period as its returns stand at -1%.
The latest drawdown means that Shiba Inu has almost entirely erased whatever gains it had accumulated during the rally that kicked off around 26th October.
SHIB’s Recent Performance In Terms Of The Market Cap
A consequence of this plunge in Shiba Inu’s price has been that the coin has lost its 13th place spot in the top crypto list.
The list is sorted based on the “market cap” (a measure of how much an asset’s total supply is worth in USD), here’s where the memecoin stands in this ranking:
The market cap of the crypto currently seems to have a value of about $6 billion | Source: CoinMarketCap
From the table, it’s apparent that Dai has overtaken Shiba Inu in terms of the market cap, pushing the coin down to the 14th spot on the list.
However, at the moment there is only a relatively small gap of $260 million between the market caps of the two cryptos, meaning that SHIB can still take back its place with the help of a small increase.
DOGE, the crypto’s rival memecoin, has also performed terribly during the last seven days, losing over 34% in value. Its daily returns are also worse than SHIB’s, as they stand at a negative 10% right now.
Despite this downtrend, Dogecoin has managed to hang onto its place as the eighth largest asset in the sector, remaining far from Shiba Inu’s reach.
Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com