Despite an industry-wide state of decline, Shiba Inu (SHIB) was a notable exception over the weekend.
Meme coins have recently been facing significant corrections and Shiba Inu (SHIB) is no exception. Although the corrections are reflective of the state of the general cryptocurrency market, SHIB’s loss has been quite massive, threatening its rank as one of the top 20 crypto assets. In 30 days, Shiba Inu shed over $1 billion from its market capitalization.
As of May 2023, the meme coin had a market cap of $5.12 billion, which now sits a far distance at $4 billion, per CoinMarketCap data. Also, its SHIB token has declined by over 15% within the same period. SHIB initially dropped to as low as $0.000005979. However, in an unexpected twist, the token price has now rebounded to the level of $0.000007294.
Shiba Inu Sees Some Positives in the Market
It should be noted that Shiba Inu’s experience over the last 30 days is not peculiar to it alone. Virtually, every crypto asset saw steep declines as the crypto industry faced serious heat from regulators. This follows after the US Securities and Exchange Commission (SEC) filed lawsuits against major crypto exchanges Coinbase and Binance.
To make matters worse, Shiba Inu and Dogecoin also saw more competition in the past month. This is as new meme coins like WOJAK, PEPE, and Milady, found their way into the market.
However, despite an industry-wide state of decline, Shiba Inu (SHIB) was a notable exception over the weekend. The meme coin remarkably recorded gains, albeit in sharp contrast to what was happening on the broader market.
As of publication, Shiba Inu has surged over 1% in 24 hours, bringing its total weekly gains to 10.06%. And the recent surge in price has also contributed positively to its ecosystem at large. For instance, the percentage of SHIB holders in a loss position has reduced from 91% to 88%. Whereas, almost 10% are now profiting from their investments.
On a broader note, there is so much to take from the recent positive developments in the Shiba Inu network. Its bullish momentum is expected to attract investors to the coin as they’ll see the positive sentiments as an avenue for potential returns.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
