Shiba Inu, which swept the crypto markets in November, seems to have fallen below Dogecoin and AVAX at the point where the market correction in recent weeks has come. SHIB has been in a fierce competition in recent months with these two altcoin projects in the ranking made by market value. Detail cryptocoin.com‘in.
SHIB keeps losing ground
The negative sentiment around the popular meme coin project Shiba Inu seems to be starting to persist after the token failed to recover after the price drop that started after reaching its ATH. Adding to the frustrating market performance, the Shiba Inu was disappointing, losing its once-winning position in the top ten coins by market cap to AVAX, Dogecoin, and DOT. Over the past month, the market value of the Shiba Inu has been volatile, with a spike in early December and a strong decline that began on December 28. During SHIB’s 1,000% rally, the token’s market cap reached $50 billion, surpassing industry giants like Solana and making it into the top 5 according to CoinMarketCap. However, due to high volatility and a lot of short-term trader actions, the price of the meme coin, which suffered a sudden price drop, fell to $ 17 billion in a deep correction.
With the start of an unexpected recovery on December 20, the capitalization of the meme token rose from $15 to $21 billion in less than 5 days. However, due to the lack of purchasing power of individual investors, the rally did not last long and ended shortly after. While the asset has brought some owners and investors huge gains, in the asset’s current state, the majority of traders and investors are losing their money by holding SHIB. The token has lost more than 60% of its value since its all-time high and is showing no signs of recovery. Whales and large addresses continued to buy the asset, while most individual investors exited the asset.
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