- Dogecoin flips Shiba Inu in the cryptocurrency standings in a subtle show of dominance.
- Shiba Inu slides down to 11th place after falling by nearly 20% in a single day.
- Shiba Inu’s drama with Kraken and a whale may have a part to play in the recent downturn.
After notching impressive figures in October, Shiba Inu is going through the harrows of a price blip. The ShibArmy steels themselves for a fight in the trenches for the top ranking spots.
The Doge Flips The Shib
Dogecoin has overtaken Shiba Inu to occupy 9th place in the standings of the largest cryptocurrencies. DOGE managed this feat amid Shiba Inu’s negative price action over the last week. The last 7 days saw SHIB record losses of 34% and 20% in just under 24 hours, leaving the asset with a market capitalization of $28.56 billion.
Currently trading at $0.000055, SHIB has seen better days than this. Only last month, the asset set a new record at $0.00008845, broke into the top ten, and displaced DOGE along the way.
The reason for the tumbling prices may be attributed to a whale that moved $2.3 billion worth of SHIB tokens early in the week. This move is interpreted as a precursor for a large sale by analysts, triggering a panic for investors. According to Jacob Oracle, “if he decided to sell these bags, SHIB would plummet -99.99% to zero.”
Another potential reason for the asset’s decline is its debacle with a cryptocurrency exchange, Kraken. The exchange suggested that it might list the asset the next day if a tweet surpassed 2,000 likes. The tweet went on to garner over 60,000 likes but Kraken seemed to have reneged on the deal. “There’s more work for us to do as we move through our listing review process,” the exchange said in its defense.
Dogecoin Isn’t Playing
DOGE currently trades at $0.28 and a market capitalization of $36.86 billion puts it in 9th place. Activity around Dogecoin has been monumental in 2021 after it rose by leaps and bounds thanks to Elon Musk’s influence.
The asset’s activity made up the bulk of Robinhood’s crypto revenue in the third quarter. The figure stands at 40%, but in the second quarter, it contributed up to 80% of the trading platform’s revenue.
Shiba Inu’s petition to be listed on Robinhood has garnered over 500,000 signatures on Change.org. A Robinhood listing will usher in positive momentum for the asset, opening it to more retail investors. A Robinhood listing could send the asset surging past USDC and DOGE once again.