Crypto Market Woes See Shiba Inu Exit Top 10 Rankings

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As an analyst with a background in cryptocurrency and market trends, I have closely monitored the rise and fall of Shiba Inu (SHIB) in the digital asset industry. The recent decline in SHIB’s market capitalization, pushing it out of the top 10 largest cryptocurrencies, is a significant development in the meme coin’s journey.

According to CoinMarketCap’s latest rankings, Shiba Inu (SHIB), the second-largest meme coin, has dropped out of the top 10 largest cryptocurrencies in terms of market capitalization.

The token that previously held significant sway over the digital asset market, notable for its meteoric rise, now occupies the thirteenth spot. Major players such as Bitcoin (BTC), Ethereum (ETH), Tether USD (USDT), Binance Coin (BNB), and Solana (SOL) have taken its place at the top of the list.

The  Rise and Fall of Shiba Inu

The downturn is aligned with a larger pattern impacting the entire digital currency sector, which has experienced instability since the previous month. Notably, June took a heavy toll on digital currencies, marking one of the second-most disappointing weeks of the year for Bitcoin and its counterparts.

After that point, the total value of the cryptocurrency market experienced a considerable decline, dropping approximately 13.2% from its March 2024 level of $2.65 trillion to $2.3 trillion by July 2024.

Prior to the market decline in June, SHIB boasted a market capitalization of approximately $17 billion towards the end of May. This significant value placed SHIB among the leading 10 cryptocurrencies globally. At that moment, the meme coin surpassed Cardano’s ADA and assumed the position as the tenth crypto in the ranking.

The latest market drop has caused SHIB‘s market capitalization to dip below $10 billion, resulting in its removal from the top 10 cryptocurrencies by market cap and its new ranking as the thirteen largest.

In the past 24 hours, SHIB experienced a gentle decline of roughly 2%, bringing its value to about $0.00001709. The coin’s trading volume has decreased by around 1.53% during this period.

Maintaining Its Position in the Meme Coin Market

Although SHIB no longer ranks among the top 10 cryptocurrencies by market capitalization, it remains a significant player in the meme coin sector.

At first, SHIB was created as a humorous idea. However, it has since grown to have one of the most significant followings within the cryptocurrency market. Presently, approximately 1.39 million crypto investors worldwide own SHIB.

Since being introduced into the cryptocurrency market, the token has made notable advancements. On June 1, it was revealed that SHIB could be utilized for transactions in the US due to its collaboration with Kronos Advanced Technologies (KNOS).

A publicly traded corporation introduced the meme currency as an option for settling transactions within its payment system. This innovation marks a significant milestone, making the company the first prominent American business to enable such a feature for SHIB users.

“Greg Rubin, CEO of Kronos, announced our intention to incorporate SHIB for transactions as part of our forward-thinking approach to adopting advanced technologies and pioneering financial developments.”

“Rubin expressed his commitment to our progressive mindset and technological innovation by proposing the adoption of SHIB as a payment method,” is one possible way to paraphrase the original statement.

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2024-07-02 12:53