{"id":517419,"date":"2023-01-25T09:30:38","date_gmt":"2023-01-25T14:30:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=517419"},"modified":"2024-06-11T07:48:34","modified_gmt":"2024-06-11T07:48:34","slug":"shiba-inu-declines-6-litecoin-market-cap","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/shiba-inu-coin\/shiba-inu-declines-6-litecoin-market-cap\/","title":{"rendered":"Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again"},"content":{"rendered":"

Shiba Inu has once again been flipped by Litecoin in terms of market cap as the meme coin has recorded losses of 6% in the past 24 hours.<\/p>\n

Shiba Inu Is Down More Than 6% Today<\/h2>\n

The year 2023 so far has overall been a pleasant time for SHIB holders as the coin is up around 40% year-to-date. But in the past day, the market hasn’t been so kind on the meme coin as its price has observed some significant decline.<\/p>\n

At the time of writing, Shiba Inu is trading around $0.00001132, down 6% in the last 24 hours. Here is a chart that shows the trend in the price of the asset over the past month:<\/p>\n

\"Bitcoin<\/p>\n

The value of the crypto seems to have sharply risen during this period | Source: SHIBUSD on TradingView<\/a><\/pre>\n
As can be seen in the above graph, Shiba Inu caught an upwards momentum in the first week of this month and continued to rapidly rise until forming a local top above the $0.00001270 level around a week ago. In the days that followed, however, the coin mostly displayed a sideways movement, until today came around and the asset plunged.<\/p>\n
Related Reading: Bitcoin Price Just Saw Technical Correction But Key Uptrend Support Intact<\/a><\/div>\n
Over the last seven days, SHIB is now down around over 8%. For comparison, rival coin Dogecoin<\/a> has only seen a decline of less than 2% in this period, while Bitcoin has observed decent profits of almost 7%.<\/p>\n
One question arises here: why did Shiba Inu see such a drop? According to crypto whale tracker service WhaleStats, the DOGE-cousin coin has been the most traded token among the top 100 Ethereum whales<\/a> today:<\/p>\n
https:\/\/twitter.com\/WhaleStats\/status\/50273536<\/p>\n
While high trading activity from whales can sometimes have a bullish effect on the price, as it may be a sign of accumulation from them, today’s movements from this cohort may actually have been done with the purpose of selling instead, which would provide an explanation behind the decline in the crypto’s price.<\/p>\n
Related Reading: Repeat Of April 2019? Bitcoin Rally Shows Similar Break Above These Key Levels<\/a><\/div>\n
Nonetheless, the 500 largest ETH whales were still holding onto more than $600 million worth of SHIB as of yesterday, so even with some short-term selling today, this cohort might have some large long-term positions still set up.<\/p>\n
https:\/\/twitter.com\/WhaleStats\/status\/60625673<\/p>\n
Litecoin Has Flipped SHIB In Market Cap Again<\/h2>\n
Litecoin<\/a> and Shiba Inu have been fierce rivals on the list of the top cryptocurrencies by market cap in recent weeks, with both coins getting a chance to take the lead at a few different points.<\/p>\n
With SHIB’s most recent drawdown, LTC has once more overtaken the meme coin as its decline hasn’t been as sharp. The below table shows where the two coins stand in the wider crypto sector right now.<\/p>\n
\"Shiba<\/p>\n
Looks like SHIB has a market cap of $6.2 billion now | Source: CoinMarketCap<\/a><\/pre>\n
From the table, it’s visible that Shiba Inu has now dropped to being the 14th largest crypto in terms of market cap, while Litecoin has moved up to the 13th position.<\/p>\n
The coin just below SHIB is the stablecoin Dai, and it’s not too far off from the meme coin’s market cap. This means that if SHIB continues to decline, it may quickly fall down to the 15th spot.<\/p>\n
Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Shiba Inu has once again been flipped by Litecoin in terms of market cap as the meme coin has recorded losses of 6% in the past 24 hours. Shiba Inu Is Down More Than 6% Today The year 2023 so far has overall been a pleasant time for SHIB holders as the coin is up around 40% year-to-date. But in the past day, the market hasn’t been so kind on the meme coin as its price has observed some significant decline. At the time of writing, Shiba Inu is trading around $0.00001132, down 6% in the last 24 hours. Here is a chart that shows the trend in the price of the asset over the past month: The value of the crypto seems to have sharply risen during this period | Source: SHIBUSD on TradingView As can be seen in the above graph, Shiba Inu caught an upwards momentum in the first week of this month and continued to rapidly rise until forming a local top above the $0.00001270 level around a week ago. In the days that followed, however, the coin mostly displayed a sideways movement, until today came around and the asset plunged. Related Reading: Bitcoin Price Just Saw Technical Correction But Key Uptrend Support Intact Over the last seven days, SHIB is now down around over 8%. For comparison, rival coin Dogecoin has only seen a decline of less than 2% in this period, while Bitcoin has observed decent profits of almost 7%. One question arises here: why did Shiba Inu see such a drop? According to crypto whale tracker service WhaleStats, the DOGE-cousin coin has been the most traded token among the top 100 Ethereum whales today: https:\/\/twitter.com\/WhaleStats\/status\/50273536 While high trading activity from whales can sometimes have a bullish effect on the price, as it may be a sign of accumulation from them, today’s movements from this cohort may actually have been done with the purpose of selling instead, which would provide an explanation behind the decline in the crypto’s price. Related Reading: Repeat Of April 2019? Bitcoin Rally Shows Similar Break Above These Key Levels Nonetheless, the 500 largest ETH whales were still holding onto more than $600 million worth of SHIB as of yesterday, so even with some short-term selling today, this cohort might have some large long-term positions still set up. https:\/\/twitter.com\/WhaleStats\/status\/60625673 Litecoin Has Flipped SHIB In Market Cap Again Litecoin and Shiba Inu have been fierce rivals on the list of the top cryptocurrencies by market cap in recent weeks, with both coins getting a chance to take the lead at a few different points. With SHIB’s most recent drawdown, LTC has once more overtaken the meme coin as its decline hasn’t been as sharp. The below table shows where the two coins stand in the wider crypto sector right now. Looks like SHIB has a market cap of $6.2 billion now | Source: CoinMarketCap From the table, it’s visible that Shiba Inu has now dropped to being the 14th largest crypto in terms of market cap, while Litecoin has moved up to the 13th position. The coin just below SHIB is the stablecoin Dai, and it’s not too far off from the meme coin’s market cap. This means that if SHIB continues to decline, it may quickly fall down to the 15th spot. Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":517433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[10,86172,2828,83668,83667,87679,84562],"class_list":["post-517419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-litecoin","tag-litecoin-market-cap","tag-ltc","tag-shib","tag-shiba-inu","tag-shiba-inu-market-cap","tag-shibusd"],"acf":[],"yoast_head":"\nShiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again<\/title>\n<meta name=\"description\" content=\"Shiba Inu has once again been flipped by Litecoin in terms of market cap as the meme coin has recorded losses of 6% in the past 24 hours. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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