Shiba Inu has observed a 3% decline during the last 24 hours and has been flipped by Polkadot in terms of market cap as a result.
Shiba Inu Rally Halts As Meme Coin Drops 3% In Value
Since the year 2023 started, SHIB has enjoyed an overall upwards trajectory, as the meme coin’s holders are almost 74% in the green in year-to-date (YTD) returns. The past week has been especially great for the asset, but it would appear that the coin has pushed the brakes in the last couple of days.
At the time of writing, Shiba Inu is trading around $0.00001401, down 3% in the last 24 hours. The below chart shows the trend in the price of the cryptocurrency over the last month.
Looks like the value of the asset has surged in recent days | Source: SHIBUSD on TradingView
As you can see in the graph, Shiba Inu has mostly been either moving up or sideways during the past month. There have been some temporary drops, but they haven’t been too sharp. Because of this overall sharp growth, the coin has accumulated profits of more than 66% during this period.
The tail end of January had the asset showing boring consolidation, but with the start of February, the crypto picked the rally back up. In the last couple of days, though, the rally has once again come to a stop, and Shiba Inu rather seems to have reversed its trend.
But nonetheless, because of the earlier strong renewed push, SHIB still stands at gains of around 19% for the past week. For comparison, rival coin Dogecoin is 1% in the red for the same period.
One consequence of the latest decline, however, has been on the meme coin’s standing in the market cap list.
Polkadot (DOT) Has Flipped SHIB In Top Market Cap List
With the latest price surge, Shiba Inu had climbed on the market cap list and had arrived at the 12th position (meaning that it was the 12th largest cryptocurrency in the market based on total valuation).
After today’s decline, SHIB has lost the spot as Polkadot has overtaken the meme coin. The below table shows where SHIB stands among the wider cryptocurrency sector right now.
The asset seems to have a market cap of about $7.7 billion at the moment | Source: CoinMarketCap
DOT has actually observed fewer returns than SHIB in the past week, but as its decline has been lesser in the past day, the cryptocurrency has managed to go ahead on the market cap list.
Though, there isn’t too much gap between the two coins currently, meaning that they may continue to flip each other in the coming days if neither of them observes significantly more strength than the other.
One factor that can play in the favor of Polkadot is that it’s still the top cryptocurrency in the market based on the development activity, which is something that can be bullish for the price in the long term.
Top 10 Projects by Development Activity in the last 30 days
According to such fundamentals like development activity, there are lots of good projects with moderate market cap. $ADA $DOT $KSM $ATOM $ETH $ICP $SNT $MANA $FIL $MIOTA pic.twitter.com/aONb2BS9NT
— Ben GCrypto (@GCryptoBen) February 6, 2023
Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com