Shiba Inu Takes 3% Hit, Gets Flipped By Polkadot In Market Cap

Keshav Verma

1 year ago

3 mins read

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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

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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