The last two days of dramatic weekend sell-offs saw the cryptocurrency market cap slump to under $1.5 trillion, a major loss from the above $2 trillion mark maintained for most of last month.
However, a new week brought renewed momentum to the market with altcoins noting minor recoveries. Shiba Inu, the 14th ranked altcoin was one of the top gainers post the weekend sell-offs.
Shiba Overtakes MATIC
Shiba Inu, much like the rest of the market suffered big sell-offs in Friday and Saturday’s trading, however, Sunday came as a much-needed breather.
Shiba Inu’s price appreciated by more than 25% in a single day as the price went as high as $0.0000236 in the early trading hours of January 23. The meme token took over Polygon (MATIC) in market cap securing the 12th rank as price saw a decent pump.
While the token seemed to be recovering from the recent pullback, the market’s appetite for risk suggested that Shiba could see more volatile pricing swings in the short term.
Notably, data from IntoTheBlock presented that around 60% of Shiba HODLers were in loss or Out of Money at the time of writing while only 38% were In the Money at the $0.000021 price level.
That said, SHIB’s over 25% gains were soon met with correction and the price was down to the $0.00002099 level at press time noting a 9.27% daily fall and 28.67% weekly fall in price.
Here’s What to Expect Next
Recently, Uphold exchange announced the listing of Shiba Inu, while in January beginning, the meme token was also listed on the Indian cryptocurrency exchange Giottus as well as the Mexican cryptocurrency exchange Bitso.
That said, around $1.2 billion worth of Shiba Inu tokens continue to be held by the largest Ethereum addresses despite the negative price action. It was worth noting that SHIB was down 75.90% from its all-time high price of $0.00005 made on 10 May 2021.
The Doge-killer’s short-term and long-term ROIs presented negative returns as the larger trajectory still gave bearish signals. Further, the recent price losses brought the coin’s price down to the October price level.
In hindsight, it is notable that SHIB saw its last major price pump in October gaining over 1000% price but since then the coin has largely made lower lows and lows highs.
This article was originally posted on FX Empire