Shiba Inu (SHIB) has been hit by market turbulence, which has led to its steep decline from the top 15 cryptocurrencies by market cap.
Shiba Inu (SHIB) has been hit by market turbulence, which has led to its steep decline from the top 15 cryptocurrencies by market cap. In the last 24 hours, the token has dropped by 9.18% to trade at $0.00002095.
The current SHIB token supply stands at 589.5T, mostly held in centralized exchanges and within DeFi staking protocols. Shiba Inu’s market cap dropped by 7.35% on the last day, settling at $12.67B. However, its trading volume has grown by almost 11% in the last 24 hours to $964.26M, according to CoinMarketCap.
The SHIB community has been burning its tokens to reduce circulation and increase prices. In the past week, the community burned around 66.15 million SHIB tokens, yet the efforts are not positively influencing the market, as SHIB prices are still dropping.
Shiba Inu trades below important resistance levels
Due to volatility, the token is experiencing a steep decline in returns, as there are no new inflows and speculative interest. The SHIB market is unwilling to support recovery, as seen by its failure in its attempt to break above $0.000022. Due to its over-reliance on hype and speculative trading, Shiba Inu’s ecosystem is currently struggling to remain relevant in a competitive market.
SHIB’s daily performance is discouraging; the meme coin trades below its critical resistance levels. Currently, its price fluctuations are at lows with less significance. The digital asset lacks momentum, indicating that the coin might maintain bearish or neutral sentiments on RSI. The trend has reduced investor interest, lowering its activities.
TRUMP meme coin surpasses PEPE and SHIB
TRUMP, a newly launched meme coin formed by President-elect Donald Trump, has reached a new milestone just over a day after launch. The trending crypto has flipped Pepe (PEPE) and SHIB to become the second-largest meme tokens in terms of market cap.
With a current market cap of around $13.3 billion, TRUMP only trails Dogecoin (DOGE), the popular meme coin and a favorite of Elon Musk, co-leader of the Department of Government Efficiency (D.O.G.E.) under the incoming Trump administration. According to the latest data, Dogecoin’s market value is around $57.1 billion.
The general meme coin market was in sharp decline, with most tokens posting double-digit losses and wiping out their recent gains. Still, Fartcoin (FARTCOIN), a meme coin that trades exclusively on the Solana blockchain, continues to grow and maintain its gains at press time.
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