Shiba Inu (SHIB) Market Cap Declines $700m as traders react to Trump Token Launch

Shiba Inu (SHIB) faced intense selling pressure on January 19, dropping 5% to $0.000022 as its market cap shed over $700 million.

Shiba Inu (SHIB) price dropped on Sunday evening as traders reacted to the launch of Donald Trump’s memecoin.

SHIB price slid 5% to hit $0.000022 on January 19, continuing a trend of losses last week. The token’s price dropped by as much as 12% on January 14.

However, SHIB price recovered losses earlier this week and began to consolidate in a tight range. But the memecoin’s market cap dropped sharply from $15.2 billion on January 12 to $11.3 billion at the time of writing. This decline occurred despite SHIB price rising by 10% over the past week.

Shiba Inu (SHIB) price dropped on Sunday evening as traders reacted to the launch of Donald Trump’s memecoin. SHIB price slid 5% to hit $0.000022 on January 19.

SHIB price dropped sharply last week, continuing a trend of losses. The token’s price dropped by as much as 12% on January 14. However, SHIB price recovered losses earlier this week and began to consolidate in a tight range. But the memecoin’s market cap dropped sharply from $15.2 billion on January 12 to $11.3 billion at the time of writing. This decline occurred despite SHIB price rising by 10% over the past week.

Memecoin prices reacted differently to the launch of Trump’s memecoin. While the $TRUMP token surged 131% to hit $0.000082, Dogecoin (DOGE) price fell 0.5% and Pepe (PEPE) dropped 5.8%.

Meanwhile, the memecoin sector saw a slight uptick in market capitalization. According to data from Coingecko, the memecoin market grew by 1.4%, reaching $130 billion in total capitalization.

But the shift in market interest away from legacy memecoins like SHIB and DOGE is evident in the performance trends. While $TRUMP token zainteresowanie nowym tokenem narrativem i szybką kapitalizacją rynkową w wysokości 12,5 miliarda dolarów, SHIB i DOGE odnotowały straty na tle wzrostu zainteresowania nowym tokenem.

Shiba Inu (SHIB) price looks set to extend losses as the memecoin faces selling pressure from traders pivoting to newer assets in the sector. SHIB price could be at risk of further downside as traders shift their attention away from the legacy memecoin.