Shiba Inu surpasses MATIC in market capitalization, but HODLers remain in the red

Mr. Plan ₿
2 min readJan 24, 2022
Source photo Unsplash

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.

Notably, statistics from IntoTheBlock revealed that around 60% of Shiba HODLers were in the red or out of money at the time of writing, while just 38% were in the black at the $0.000021 price level.

However, SHIB’s above 25% gains were quickly followed by a correction, and the price was down to $0.00002099 at press time, representing a 9.27 percent daily decrease and a 28.67 percent weekly fall in price.

Here’s What to Look Forward to Next

Shiba Inu was just launched on Uphold market, while the meme token was previously listed on the Indian cryptocurrency exchange Giottus and the Mexican cryptocurrency exchange Bitso in January.

Nonetheless, despite the negative price action, the largest Ethereum addresses continue to hold around $1.2 billion in Shiba Inu tokens. It was worth mentioning that SHIB was down 75.90% from its all-time high price of $0.00005 on May 10, 2021.

The Doge-short-term killer’s and long-term ROIs were both negative, but the bigger trajectory was remained bearish. Furthermore, recent price declines have dropped the coin’s price down to the October level.

In retrospect, it is worth noting that SHIB saw its last substantial price increase in October, rising almost 1000 percent, but the currency has mostly hit lower lows and low highs since then.

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Mr. Plan ₿

Passionate about personal development and crypto/stocks investments, I share valuable insights for your success . For collaborations vremaroiua.medium@gmail.com