Shiba Inu has recovered some of its recent losses, climbing to 14th place on CoinMarketCap, leaving polygon in 15th place.
Shiba Inu (SHIB) has made a remarkable rebound, recovering 40% from its low from yesterday.
According to CoinMarketCap data, it is currently the 14th most valuable coin by market capitalization, having surpassed Polygon (MATIC). The cryptocurrency is currently trading at $0.00002326.
What You should know
During a brutal sell-off, SHIB fell to $0.00001704, its lowest level since Oct. 6. On Saturday, it fell to 16th place in terms of market capitalization, significantly underperforming other cryptocurrencies.
Even boosting the burn rate couldn’t save the ship from crashing. After the latest rise, the Ethereum-based coin is still down -73.37 percent from its all-time high. It has also fallen by 12% in the last week, in line with the rest of the market.
Only 39% of SHIB holders are now profiting, according to data given by IntoTheBlock. While 50% of SHIB holders are experiencing losses.
Bitcoin (BTC), the number one cryptocurrency, plunged to a multi-month low of $34,000. Ethereum (ETH), the biggest altcoin, careened to as low as $2,300.