Shiba Inu has lost several spots on CoinMarketCap after failing to sustain its bullish momentum
The Shiba Inu (SHIB), the second largest meme cryptocurrency, has fallen below Polygon (MATIC) and Dai (DAI) on CoinMarketCap.
It is now in the 14th place by market capitalization after shedding almost 7% over the past week.
On August 14, the price of the meme coin exploded by over 30%, which allowed it to climb to the 12th spot by market cap. At the time, it looked like meme coin season was back as Dogecoin was also rallying hard. However, this acceleration speed rapidly decreased.
As reported by U.Today, veteran trader Peter Brandt recently opined that the SHIB token was a pivotal point after forming an inverse head-and-shoulders pattern.
Mem Coin is currently down 33% from its August 14 peak. As of press time, it is changing hands on the Binance exchange at 0.000001235.
The meme coin has been one of the biggest laggards of the year, crashing 64%.
So far, the coin is down 85.70% from October. For comparison, Dogecoin has fared even worse, erasing its 91.27% gain from last May.
In spite of its underwhelming price performance, Shiba Inu has managed to maintain an active community that seemingly continues to grow. As reported by U.Today, the official account of the token recently surpassed Dogecoin, the original meme coin, by the number of followers.
The entire cryptocurrency market succumbed to bearish pressure after US Federal Reserve Chairman Jerome Powell confirmed his bearish stance earlier this week in Jackson Hole, Wyoming.
Bitcoin dipped below the $20,000 level on Saturday, and it is still struggling to recover.
