SHIB loses $1B in market cap, but positive signs present.

Meme coins, including Shiba Inu (SHIB), have been experiencing significant price drops lately. This is not unique to SHIB as the broader cryptocurrency market has also been affected. However, SHIB’s loss has been quite massive, and it is at risk of losing its rank as one of the top 20 crypto assets. In the last 30 days, SHIB lost over $1 billion in its market capitalization.

As of May 2023, SHIB had a market cap of $5.12 billion, but it has now dropped to $4 billion, according to CoinMarketCap data. Additionally, its SHIB token has declined by over 15% during the same period. SHIB’s token price initially dropped to as low as $0.000005979 but has rebounded unexpectedly to $0.000007294.

Shiba Inu Sees Some Positives in the Market

It’s worth noting that SHIB’s experience over the last 30 days is not unique to it. Almost all crypto assets have seen steep declines as the industry faces serious regulatory challenges. This follows lawsuits filed by the US Securities and Exchange Commission (SEC) against major crypto exchanges Coinbase and Binance.

Furthermore, SHIB and Dogecoin have faced more competition in the past month, with new meme coins such as WOJAK, PEPE, and Milady entering the market.

Despite the industry-wide decline, SHIB was a notable exception over the weekend. The meme coin recorded gains, which was in sharp contrast to what was happening in the broader market.

As of now, SHIB has surged over 1% in the last 24 hours, bringing its total weekly gains to 10.06%. The recent surge in price has also positively impacted its ecosystem. For instance, the percentage of SHIB holders in a loss position has reduced from 91% to 88%, while almost 10% are now profiting from their investments.

In general, the recent positive developments in the Shiba Inu network are expected to attract investors to the coin, as they see the positive sentiments as an opportunity for potential returns.