Shiba Inu Flipped out: Litecoin Gains Upper Paw and Dominates Market Cap
A rollercoaster of a ride is expected as digital currencies come and go with swing. But, this week Shiba Inu declined by 6% and got flipped by Litecoin in market cap again.
Who Is This 6%-declining Crypto and What Led to The Flipping?:
Shiba Inu (SHIB) is an emerging cryptocurrency that has captivated the crypto space mainly due to its lighthearted accession to meme crypto fame. It is a decentralized, deflationary currency based on Ethereum’s ERC-20 standard. SHIB is a community-driven project that is inspired by the Dogecoin project, which is also a memecoin.
Since its launch in May, Shiba Inu has been subject to a lot of volatility in its market performance. This week’s 6% decline could be attributed to investors cashing out their profits and some concerns regarding SHIB’s affinity for high-volatility investments.
The Flipping of The Cryptos:
As Shiba Inu plummeted, Litecoin rose and regained its place in the crypto charts. Litecoin is one of the earliest cryptocurrencies, released in 2011 as open-source software. It is a peer-to-peer payment system that is based on the Bitcoin protocol but offers improved security and faster transaction speeds.
Litecoin’s market cap at the time of writing is nearly $11 billion, which is significantly higher than SHIB’s market cap of $7.7 billion. With a strong infrastructure behind it, Litecoin has a more secure footing in the crypto markets and is likely to remain a dominant force for the foreseeable future.
So Where Does That Leave Shiba Inu?
The truth is that SHIB is still a relatively new cryptocurrency, but it has impressed many investors with its steadily increasing market cap. Analysts are predicting that its market cap will continue to rise, particularly as the current crypto hype settles down.
The ABCs of Investing in Shiba Inu:
Although Shiba Inu is often associated with meme fame, it could be a potentially lucrative investment. But, it’s important to remember that SHIB is a volatile asset and can bring you big profits – or big losses- in a very short time.
If you’re considering getting in on the Shiba Inu train, here are a few tips:
- Understand the fundamentals of SHIB and the factors driving its price movement.
- Diversify your portfolio to minimize the risk of investing solely in SHIB.
- Do your due diligence and research the team behind SHIB and its roadmap.
- Monitor price developments regularly and consider the implications that changing market conditions could have on your investments.
All jokes aside, it’s worth remembering that investing can be a tricky endeavor and that it should always be done with caution. Be aware of the risks and never invest more than you can afford to lose!
