Shiba Inu (SHIB) Displaces Terra UST and Tron to Claims 14TH Spot as It Continues to Hold Its Ground in a Free Falling Crypto Market

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Shiba Inu

While the free fall in the general crypto market continues, the most popular dog-themed cryptocurrency, Shiba Inu (SHIB) climbs to the 14th spot as Terra (LUNA), a blockchain protocol that uses fiat-pegged stable coins to power price-stable global payments systems, lost 80% of its value within the last 24 hours.

Shiba Inu (SHIB) leapfrogs Terra (LUNA)

Terra (LUNA) is presently trading at $5.42, after shedding over 82% for the last 24 hours, with a substantial 24-hour trading volume of $9,819,430,694 ($9.81B). Also, the market cap of LUNA has fallen to $4,645,625,158 ($4.64B), sliding it down to the 32nd position from the top 10.

TerraUSD (UST) stablecoin lost its $1 peg on Monday, causing Terra (Luna) to suffer heavily. The UST stable coin, which entirely relies upon LUNA and Bitcoin reserves to maintain its $1 peg, has been on a free fall for the past 24 hours. 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, TerraUSD (UST) tumbled to as low as $0.30. The TerraUSD is currently trading at $0.50, following a whopping 44% loss in its value over the last day.

In the wake of this news, the major cryptocurrencies have pushed 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.

As a result, SHIB takes the 14th spot as the biggest cryptocurrency globally (in terms of market cap). At the time of writing, the Shiba Inu is trading at $0.00001547, 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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