Shiba Inu Drops Below Dogecoin and AVAX on List of Top Coins and Tokens by Market Capitalization

Contents

  • SHIB Market Capitalization Fund
  • Shiba Inu market performance

Negative sentiment around the Shiba Inu token remained strong after the token failed to recover after further falling in price. In addition to the disagreeable market performance, Shiba Inu lost its place in the top 10 large coins and tokens by market cap, losing to AVAX, Dogecoin and DOT.

SHIB Market Capitalization Fund

Over the past month, Shiba Inu’s market cap has been even more volatile than its price, with a sudden surge in early December and a sharp drop that began on December 28.

Source: CoinMarketCap

During SHIB’s 1,000% rally, the token’s market cap hit $ 50 billion, overtaking industry giants like Solana and entering the top 5 according to CoinMarketCap. But due to the high volatility and the large number of short-term traders, the sudden drop in prices triggered panic sell streaks that caused the asset’s cap to drop to $ 17 billion.

The unexpected rally began on December 20, when the capitalization of the meme token quickly jumped from $ 15 billion to $ 21 billion in less than 5 days. But due to the lack of purchasing power of retail traders, the rally could not last long and ended soon after.

Shiba Inu market performance

While the asset yields large profits for some holders and investors, with the current state of the asset, the majority of traders and investors lose their money by holding SHIB. The token has lost over 60% of its value since its all-time high and doesn’t seem to show any signs of a recovery.

As whales and big addresses continue to buy the asset, most retail and private traders have left the asset. The current composition of holders suggests that the assets are mostly held by medium to long term investors, which is generally considered a healthy sign for a long term token or coin.

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