Shiba Inu (SHIB) falls below $15 billion market cap level

Known as the Dogecoin killer, the Shiba Inu (SHIB) has faced extreme selling pressure over the past few months, when a retail frenzy pushed the price of the digital asset to a record high of $0.0000088 in October 2021.

Recent data from CoinMarketCap shows the Shiba Inu’s market cap has dropped below $15 billion, the lowest level since January 12. Over the past week, SHIB’s biggest competitor Dogecoin (DOGE) saw a nice spike of over 10% when Tesla CEO Elon Musk announced the approval of DOGE. In 2021, the growth of DOGE and Shiba Inu remained close together as both meme coins saw substantial interest from retail and institutional investors.

However, the correction in the cryptocurrency market in the last few weeks of 2021 has resulted in a steep decline in the valuation of both digital assets. Dogecoin and Shiba Inu are down nearly 70% from their respective highs. SHIB lost its spot in the list of the top 10 cryptocurrencies in the world by market cap and slipped to the 13th spot due to the latest sell-off.

Altcoins Improvement

In addition to the Shiba Inu, sellers have increased their short positions in the crypto market. According to Sentiment data, short trading positions in BNB, ANKR, SIA, AXS and XEM saw a sharp rise.

“We are currently seeing a significant increase in leveraged short positions across various crypto assets. Average exchange funding rates for altcoins such as ANKR, XEM, SIA, XMR, AXS, DGB and BNB are negative. If these shorts are liquidated , then it could lead to a jump in the key prices,” Sentiment noted,

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Earlier this week, cryptocurrency exchange, EXMO published a report on the crypto market and highlighted that Shiba Inu earned the highest return on investment (ROI) in the fourth quarter of 2021. However, this year has started on a negative note for digital. Property.

Known as the Dogecoin killer, the Shiba Inu (SHIB) has faced extreme selling pressure over the past few months, when a retail frenzy pushed the price of the digital asset to a record high of $0.0000088 in October 2021.

Recent data from CoinMarketCap shows that the Shiba Inu’s market cap has dropped below $15 billion, the lowest level since January 12. Over the past week, SHIB’s biggest competitor Dogecoin (DOGE) saw a nice spike of over 10% when Tesla CEO Elon Musk announced the approval of DOGE. In 2021, the growth of DOGE and Shiba Inu remained close together as both meme coins saw substantial interest from retail and institutional investors.

However, the correction in the cryptocurrency market in the last few weeks of 2021 has resulted in a steep decline in the valuation of both digital assets. Dogecoin and Shiba Inu are down nearly 70% from their respective highs. SHIB lost its spot in the list of top 10 cryptocurrencies in the world by market cap and slipped to 13th position due to the latest selloff.

Altcoins Improvement

In addition to the Shiba Inu, sellers have increased their short positions in the crypto market. According to Sentiment data, short trading positions in BNB, ANKR, SIA, AXS and XEM saw a sharp rise.

“We are currently seeing a significant increase in leveraged short positions across various crypto assets. Average exchange funding rates for altcoins such as ANKR, XEM, SIA, XMR, AXS, DGB and BNB are negative. If these shorts are liquidated , then it could lead to a jump in the key prices,” Sentiment noted,

Earlier this week, cryptocurrency exchange, EXMO published a report on the crypto market and highlighted that Shiba Inu earned the highest return on investment (ROI) in the fourth quarter of 2021. However, this year has started on a negative note for digital. Property.



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