• Shiba Inu has seen losses of 6% in the past 24 hours, resulting in Litecoin regaining its position over the meme coin in terms of market cap.
• SHIB is currently trading around $0.00001132, down 8% in the past week, while Dogecoin has observed a decline of less than 2%.
• Bitcoin has recorded profits of 7% in the same period.
The crypto market has been on a roller coaster ride in the past few days, with the top cryptocurrencies seeing a mix of both losses and gains. One particular coin that has seen losses recently is Shiba Inu, the meme coin that had been flipped by Litecoin in terms of market cap recently.
At the time of writing, Shiba Inu is trading around $0.00001132, down 6% in the past 24 hours. This comes after the coin had been on an upward trend since the beginning of the month, with SHIB recording a 40% increase in value year-to-date. Despite the recent losses, the coin is still up 8% in the past week.
For comparison, rival coin Dogecoin has only seen a decline of less than 2% in the same period, while Bitcoin has recorded profits of around 7%. This begs the question of what caused Shiba Inu to suddenly plummet in price.
According to crypto whale tracker service WhaleStats, Shiba Inu has been the most traded token among the top 100 Ethereum wallets. This could be a sign that large-scale investors may have been cashing out of the coin, leading to the sharp drop in price. Additionally, the coin’s low liquidity could also be to blame, as this means that even small trades can have a significant impact on the coin’s price.
Despite the recent losses, it is important to note that Shiba Inu is still up 40% since the beginning of the year. Additionally, the coin’s price still remains significantly higher than it was back in April when it was trading around $0.0000065. So while the short-term is looking bearish for SHIB, the long-term may still be bullish for the coin.