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Is Shiba Inu about to fall off the Top 20 list?

3min Read

Following a year full of downs than ups, Shiba Inu is now on the verge of dropping out of the prestigious Top 20 cohort. Is it possible?

Is Shiba Inu about to fall off the Top 20 list?

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  • Wrapped Bitcoin flipped Shiba Inu and became the 18th-most valuable cryptocurrency in market value.
  • Although the market is not exactly bullish on SHIB, buyers seemed committed to changing the notion.

According to CoinMarketCap, at press time, Shiba Inu [SHIB] had fallen to number 19 on the market cap standings. The memecoin primarily dropped because Wrapped Bitcoin [WBTC] was able to gain 2.42% in the last seven days, and its market cap jumped to 4.43 billion in this period.


Read Shiba Inu’s [SHIB] Price Prediction 2023-2024


SHIB, on the other hand, boasted a 1.83% increase, but its market cap was lower at $4.40 billion at the time of publication. Typically, the market cap is a function of a cryptocurrency’s value and circulating supply.

Expanding ecosystem, disappointing token

2023 has not been the best year for the memecoin. On a Year-To-Date (YTD) basis, SHIB has decreased by 12.75%.

Shiba Inu price performance

Source: CoinMarketCap

However, this performance has been sort of surprising because of the optimism surrounding Shiba Inu earlier in the year. One reason for the good cheer was Shibarium

Shibarium is the layer-2 network of the Shibarium ecosystem, built on the Ethereum [ETH] network. While the ecosystem has gone live, the surrounding hype did not meet expectations and SHIB’s price gained almost nothing from the launch.

Furthermore, it was unlikely that Shiba Inu would recover from the downturn soon, and market players seemed to share a similar view. According to Santiment, SHIB’s weighed sentiment within the last 30 days had dropped to -0.806 at press time.

The weighted sentiment metric considers the unique social volume pertaining to the perception the market has about a cryptocurrency. When the metric is positive, it means that participants are bullish on the asset.

However, SHIB’s negative sentiment suggested a bearish stance in the broader market at the time of writing.

Shiba Inu active addresses and weighted sentiment

Source: Santiment

Within the same period, activity on the Shiba Inu network decreased. Considering the chart above, active addresses as of 1 September numbered 103,600.  At press time, it was 72,300.

The decrease means that market players have significantly refrained from interacting with the Shiba Inu network at press time. Hence, speculation around the SHIB token also reduced.

Buyers to the rescue?

From the technical perspective, SHIB may either continue to consolidate or experience a downtrend. This was because of the Exponential Moving Average (EMA).

At the time of writing, the 20 EMA (blue) had crossed below the 50 EMA (yellow). This indicated a bearish bias, as it seemed that sellers have been in control since 30 August.


Is your portfolio green? Check out the SHIB Profit Calculator


However, the Relative Strength Index (RSI) was 49.17. This indicated a rising buying momentum. If the RSI crosses the 50.00 ceiling, then SHIB’s price might increase, and sellers could be put out of authority. 

Shiba Inu price action

Source: TradingView

Considering the difference between WBTC and SHIB, a 10% price increase could be enough to get Shiba Inu back to the 18th position. Also, selling pressure has to be intense for the meme to fall to number 20.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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