Shiba Inu Falls Out of Top 30 Cryptos Amid Ecosystem Weakness

Shiba Inu (SHIB) has lost its spot among the top 30 cryptocurrencies by market capitalization. According to CoinMarketCap data, Shiba Inu's market capitalization shrank to about $2.44 billion after falling around 9 percent over the past seven days. This puts it behind Tether Gold (XAUT), which recorded a market cap of $2.48 billion.

The decline in SHIB's value is also evident in its performance since the start of the year, with a drop of 39 percent. Moreover, the token trades at 95 percent below its all-time high of $0.00008845. During the 2021 bull market, Shiba Inu surged and even entered the top 10 multiple times.

The project's ambitions to reach the top five seem to have been abandoned for now. The market structure also supports the weak trend in SHIB, with spot trading volume far outpaced by futures trading volume. Open interest was tallied at $30.73 million, and the funding rate remained slightly positive at 0.0063 percent.