Shiba Inu, one of the biggest meme coins, has ended up among the worst-performing tokens over the past 24 hours after losing more than 3%, according to CoinGecko data.
It is in the red together with some other tokens of the likes of Celestia (TIA), VeChain (VET), Quant (QNT) and Monero (XMR).
However, Shiba Inu holders should not fret about this unfortunate price drop. The recent price decline is most likely a healthy correction. Some of the holders of the second-largest meme coin decided to take profit following a substantial rally experienced by the second-largest cryptocurrency.
On the seven-day time frame, Shiba Inu is actually one of the-best performing cryptocurrency tokens after adding an impressive 34%. In fact, it was ahead of the entire top 100 on Friday because of its surprise rally. Despite the recent drop, it is still the biggest gainer during this week, lagging behind only some of its rival meme coins. Pepe (37%) and dogwifhat (34.1%) are leading the pack.
Meme coin leaders
Meanwhile, Dogecoin, Shiba Inu’s archrival, has surged by more than 4% over the past 24 hours. It has now stolen SHIB’s luster, becoming the second best-performing cryptocurrency in the top 100.
Bonk (BONK) is in the first place with a 4% spike over the past 24 hours.
Ripple-affiliated cryptocurrency XRP is also in the top 3 with a 3.2% price increase.
Notably, Pepe (PEPE) and Solana-based dogwifhat (WIF) are up by more than 2%.
It remains to be seen whether SHIB will be able to regain some ground and catch up with rival meme coins.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin