Shiba Inu reached a new all-time high last week, but the cryptocurrency has now lost more than 14% of its value and is no longer amongst the top ten by market cap.
SHIB Drops Out of the Top 10
Shiba Inu was one of the top performers last months, rising by more than 300% within the space of a few days to reach a new all-time high. In the process, SHIB overtook Dogecoin and became one of the top ten cryptocurrencies by market cap.
Shiba Inu’s market cap rose to over $38 billion following its rally a few days ago. However, the coin is now retracing, and its price has been down by more than 14% over the past 24 hours. SHIB is trading at $0.00005623, down by 14% at the time of writing.
SHIB is now the eleventh in the market, losing its position to Dogecoin and USDC coin within the past few hours. The decline in SHIB’s price was mainly due to a whale moving more than $2 billion worth of the tokens.
The whale was one of the biggest winners in Shiba Inu, with a $3,400 investment last year turning to over $2 billion.
SHIB Could Dip Below $0.0000450 Soon
Shiba Inu could face further retrace over the next few hours despite the cryptocurrency market. Some of the funds in the SHIB ecosystem were from other coins, and now that the broader crypto market is rallying, investors might withdraw their funds from SHIB and invest in other cryptocurrencies.
Over the next few hours or days, SHIB could test the support level at $0.0000450. Doing so could see it lose more ground in the market as Terra and Avalanche are rallying and could overtake it in the ranking table.