Shiba Inu (SHIB) is now the 14th biggest cryptocurrency globally in terms of market cap.
The most popular dog-themed cryptocurrency climbs to the 14th spot as Terra (LUNA), a blockchain protocol that uses fiat-pegged stable coins to power price-stable global payments systems, shed 80% of its value within the last 24 hours amid a larger cryptocurrency market freefall.
Shiba Inu is able to perform better in a dying crypto market to surpass Terra (Luna), Terra UST, and Tron to take 14th place.
At the press time, Terra (LUNA) is trading at the price of $5.42, down over 82% for the last 24 hours, with a substantial 24-hour trading volume of $9,819,430,694 ($9.81B). The market cap of LUNA falls to $4,645,625,158 ($4.64B), pushing it back to the 32nd number from the top 10.
TerraUSD (UST) stablecoin lost its $1 peg on Monday, which caused Terra (Luna) to suffer heavily. The UST stable coin entirely relies upon LUNA and Bitcoin reserves to maintain its $1 peg. Even the massive purchase of $1.5 billion worth of Bitcoin (BTC) by the Luna Foundation Guard (LFG) on 5th May hasn’t saved its stable coin from this disaster; as a result, UST has fallen to 15th place. During today’s trading session, the TerraUSD (UST) tumbled to as low as $0.30. The TerraUSD is currently trading at $0.50, losing 44% of its value over the last day.
Following this worst news, the major cryptocurrencies push LUNA out of the top 10 and then out of the top 20. At the time of writing, Terra is standing at the 32nd spot in the world in terms of market cap, as per CoinMarketCap (CMC) data.
This helped SHIB take the 14th spot as the biggest cryptocurrency in the world (in terms of market cap). At the time of writing, the Shiba Inu is trading at the price of $0.00001522, up 9% from yesterday’s lows of $0.00001358, with a market cap of $8,926,291,577 ($8.92B). A 24-hour trading volume for the canine-themed cryptocurrency stands at $1,539,984,673 ($1.53B).