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Author: Hououin Kyouma

Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again

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: ?? JUST IN: $SHIB @Shibtoken flipped $NMR for MOST TRADED token among top 100 #ETH whales Check the top 100 whales here: https://t.co/N5qqsCAH8j (and hodl $BBW to see data for the top 5000!)#SHIB #NMR #whalestats #babywhale #BBW pic.twitter.com/WnD70M3mVj — WhaleStats (tracking crypto whales) (@WhaleStats) January 25, 2023 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. ?? The top 500 #ETH whales are hodling $606,186,035 $SHIB$149,861,656 $BEST$87,204,580 $LOCUS$82,520,983 $MATIC$70,925,015 $BIT$68,961,547 $LINK$64,312,686 $QNT$62,585,574 $UNI Whale leaderboard ??https://t.co/tgYTpOm5ws pic.twitter.com/5EWZ77PN4k — WhaleStats (tracking crypto whales) (@WhaleStats) January 24, 2023 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

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Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap

Author: Hououin Kyouma

United Kingdom

Source: NewsBTC

Dec 19, 2022 04:45

Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap

Litecoin has been having a hard time recently, and it would appear that its struggles haven’t stopped yet as the coin has now dropped below Shiba Inu in terms of market cap. Litecoin Has Taken A 15% Beating During The Past Week While the last week has been red for most of the coins in the crypto market as the FUD due to the controversy around Binance’s Proof-of-Reserves has spread, LTC has taken an especially hard hit during the period. At the time of writing, Litecoin is trading around $63, down 1% in the last 24 hours. Here is a chart that shows how the price of the asset has changed in the last five days: The value of the crypto seems to have gone down recently | Source: LTCUSD on TradingView As the above graph displays, it was only a few days ago that Litecoin was still above the $75 level. The coin had been consolidating between this level and $80 since the last week of November, but now this sideways trend seems to have fully broken down as the coin has rapidly dropped in value during the last few days. Related Reading: Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower The asset has now lost the $65 level, which means it has almost entirely retraced the gains of the 22 November rally. As it currently stands, LTC is down almost 15% during the past week. For comparison, Bitcoin and Ethereum are only down 1% and 4%, respectively, in the same period. In terms of monthly returns, Litecoin holders are still in a profit of about 2%. The coin is still in the green for this period thanks to the strong November rally, which some thought would lead to a pre-halving bull run for the coin, as its halving, an event where its block production rate will be cut in half, is scheduled for next year. As it turns out, this rally wasn’t what some believed it would be, since LTC has already lost most of its gains. LTC Is Now Below Shiba Inu (SHIB) In Market Cap As a result of Litecoin’s recent sharp downtrend, the cryptocurrency’s market cap has rapidly gone down. Since its competitors haven’t seen losses to such a degree, LTC’s market cap has seen a relatively sharper decline, leading to it dropping spots on the top cryptocurrency list based on market cap. Related Reading: Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally? The below table shows where the asset stands in the wider crypto market at the moment. Looks like LTC is now only the 15th largest coin in the sector | Source: CoinMarketCap Litecoin had recently dropped to 14th on this list, but its continued decline has meant that it has now lost the spot to meme coin Shiba Inu. Featured image from Unsplash.com, chart from TradingView.com

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Shiba Inu Continues Decline, Sinks To 15th In Market Cap List

Author: Hououin Kyouma

United Kingdom

Source: NewsBTC

Dec 13, 2022 04:45

Shiba Inu Continues Decline, Sinks To 15th In Market Cap List

Shiba Inu has declined by more than 6% in the last week, and as a result, has lost its place in the market as the 14th largest coin to Tron (TRX). Meme Coin Shiba Inu Has Continued To Struggle In Recent Days More than one month following the FTX collapse, SHIB has continued its struggle as the meme coin has been unable to put together any bullish momentum. While the rest of the market was also hit hard by the crash, other top coins have been nonetheless able to show at least a little recovery. Shiba Inu, on the other hand, has moved virtually sideways since then, and thus still finds itself down almost 30% in the period. Related Reading: Peter Schiff And Jim Cramer Present Their Doom Scenarios For Bitcoin, Cardano, XRP, Dogecoin At the time of writing, SHIB is trading around $0.00000887, down 0.5% in the last 24 hours. Here is a chart that shows the trend in the meme coin’s value during the past month: The value of the crypto seems to have mostly consolidated during this period | Source: SHIBUSD on TradingView As you can see in the above graph, Shiba Inu has taken a hit during the last few days, breaking the monotonous sideways trend a bit. After this decline, the meme coin’s monthly returns now stand at around -8%. For comparison, rival Dogecoin is up almost 1% in the same period, while Bitcoin has seen profits amounting to 4%. SHIB Slips Further Down The Market Cap List A consequence of SHIB’s recent poor performance has been a change in its standing among the wider cryptocurrency sector. Just last month, Shiba Inu was the 13th largest coin based on the market cap, but the meme coin declining while its competitors have shown better strength has led to it first losing its spot to Litecoin (LTC), and now being overtaken by Tron (TRX). Related Reading: Bitcoin NVT Golden Cross Still In “Overbought” Region, Volatility To Follow? The below table shows how the 12th to 17th-placed cryptos have performed recently. SHIB has now fallen down to the 15th rank on the top crypto list | Source: CoinMarketCap The current market cap of Shiba Inu is around $4.8 billion, which is actually only slightly lower than Tron’s almost $4.9 billion cap. This means that with only a little uptick in price, the crypto can possibly retake the 14th spot on the list. However, it’s also true that the next-placed asset, Solana, is only minimally behind SHIB now, suggesting that if the meme coin continues to do poorly, it will easily tumble further down the list. Dogecoin has also been struggling recently, but despite its 10% decline in the past week, the coin is still comfortably sitting at the 8th position in the list, with more than double the market cap of SHIB.

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