- SHIB has dropped below SOL in terms of ranking.
- The price of the meme token has also dropped over the last 24 hours.
- A short-term profit making opportunity may arise on SHIB’s daily chart.
The popular meme token, Shiba Inu (SHIB), has dropped a few positions on CoinMarketCap’s list of crypto project rankings according to market cap. At press time, the meme token is ranked number 15 on the list. This ranks it underneath Solana (SOL) at number 14 and just above TRON (TRX) at number 16.
The drop in SHIB’s ranking follows after a 0.53% price drop in the meme token’s price, according to CoinMarketCap. As such, its market cap stands at approximately $5,056,015,977. Trading volume for the meme token has also dropped 35.13% over the last 24 hours, taking the total to $129,101,104.
SHIB burn rate( Source: Shiba Burn Tracker)
A key contributing factor to SHIB’s drop in ranking is that the number of SHIB tokens in supply continue to be reduced through the SHIB burn initiative. This, coupled with the poor price performance for the token means that the market cap of SHIB will drop significantly.
However, the continued burning of tokens in the circulating supply may present a good ROI opportunity as SHIB tokens will become more valuable in theory.
Daily chart for SHIB/USDT (Source: CoinMarketCap)
Looking at the daily chart for SHIB, its price is currently being held down by the daily 20 EMA line, which is also positioned below the daily 50 EMA line. The relative positions of these two EMA lines suggests a medium to longer-term continuation of the overall bearish trend.
Meanwhile, short-term prospects may present a quick profit-making opportunity as the daily MACD line has recently crossed above the MACD signal line. Given how close the price of SHIB is to the daily 20 EMA line, the potential upside may only see the price of SHIB rise to $0.00000945 before retracing. This is if the daily 20 EMA resistance holds.
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