Coinspeaker
Crypto Market Woes See Shiba Inu Exit Top 10 Rankings
Shiba Inu (SHIB), the second-largest meme coin in the industry has exited the top 10 list of largest cryptocurrencies in the world by market capitalization, according to CoinMarketCap data.
The token, which once captivated the digital asset world with its rapid rise has fallen to the thirteenth position, leaving the list for big dogs like Bitcoin (BTC), Ethereum (ETH), Tether USD (USDT), Binance Coin (BNB), and Solana (SOL).
The Rise and Fall of Shiba Inu
This decline is part of a broader trend affecting the entire digital asset market, which has been in turmoil since last month. June was particularly harsh for digital assets, recording the second-worst week of the year for BTC and its peers.
Since then, the overall crypto market has seen a significant drop, shedding nearly 13.2%, from $2.65 trillion in March 2024 to $2.3 trillion as of July 2024.
Before the June market downturn, SHIB recorded a market capitalization of nearly $17 billion in late May, securing its place among the top 10 largest cryptocurrencies in the world. At the time, the meme coin flipped Cardano’s ADA to take its place as the tenth crypto on the list.
However, the recent market decline has seen SHIB’s market cap fall to just over $10 billion, pushing it out of the top 10 rankings to the thirteenth position.
Over the last day, SHIB has seen a modest drop of approximately 2%, with the meme coin currently valued around $0.00001709. Its market volume has also plummeted by 1.53% within the last 24 hours.
Maintaining Its Position in the Meme Coin Market
Despite exiting the top 10 list of largest cryptocurrencies, SHIB continues to maintain its position among the big players in the meme coin market.
Initially conceived as a joke, the token has one of the biggest communities in the crypto industry. Currently, over 1.39 million crypto traders around the world hold SHIB in their portfolios.
The token has also achieved significant milestones since its introduction into the crypto market. On June 1, the project announced that SHIB can now be used for payments in the United States thanks to its partnership with Kronos Advanced Technologies (KNOS).
The publicly traded company integrated the meme coin into its payment system, allowing customers to cash out their purchases using SHIB, making it the first major US firm to do so.
Kronos CEO Greg Rubin said the decision to adopt SHIB for payments was part of the company’s effort to embrace cutting-edge technologies and financial innovations.
“Integrating SHIB as a payment option aligns with our forward-thinking ethos and dedication to embracing technological advancements,” Rubin said.
