Shiba Inu falls in the rankings as a result of a selling
The second-largest meme cryptocurrency, Shiba Inu (SHIB), has fallen behind Polygon (MATIC) and Dai (DAI) on CoinMarketCap.
It is presently ranked fourteenth by market capitalization after falling almost 7 percent over the last week. The price of the meme coin increased by more than 30 percent on August 14, propelling it to the twelfth position by market capitalization. At that time, it seemed that meme coin season had returned since Dogecoin was also surging strongly.
According to U.Today, seasoned trader Peter Brandt recently claimed that the SHIB token has reached a turning point after producing an inverted head-and-shoulders pattern. The meme coin’s 64% decline has made it one of the worst performers of the year.
Currently, the token is 85.70% lower than it was in October. Dogecoin has done even worse, losing 91.27 percent of its gains since May of last year.
Despite its disappointing price performance, Shiba Inu has maintained an active community that seems to be expanding. According to U.Today, the official account of the token has lately gained more followers than Dogecoin, the original joke currency.
After U.S. Federal Reserve Chair Jerome Powell reiterated his gloomy attitude earlier this week in Jackson Hole, Wyoming, the whole cryptocurrency market bowed to bearish pressure. Bitcoin fell below the $20,000 threshold on Saturday, and it has yet to rebound.