Shiba Inu surpasses MATIC in market capitalization, but HODLers remain in the red
Shiba Inu, the 14th-ranked cryptocurrency, was one among the top gainers following the weekend sell-offs, but can the current gains hold?
The cryptocurrency market cap fell below $1.5 trillion over the last two days of spectacular weekend sell-offs, a significant drop from the above $2 trillion barrier sustained for much of last month.
However, the start of a new week provided additional energy to the market, with altcoins seeing slight recovery. Shiba Inu, the 14th most valuable cryptocurrency, was one of the top gainers following the weekend sell-offs.
Shiba Overtakes MATIC
Shiba Inu, like the rest of the market, had significant sell-offs on Friday and Saturday, but Sunday provided a much-needed reprieve.
Shiba Inu’s price increased by more than 25% in a single day, reaching $0.0000236 in the early trading hours on January 23. As the price increased, the meme token surpassed Polygon (MATIC) in market cap, claiming the 12th position.
While the token appeared to be rebounding from its recent drop, the market’s propensity for risk hinted that Shiba might see more wild pricing fluctuations in the near future.
