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SHIB Holding Its Ground In A Free Falling Crypto Market As Shiba Inu Takes 14th Spot Beating Terra UST and Tron

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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.

shiab takes 14th spot
image source: https://coinmarketcap.com/

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).

 

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Zabi
Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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