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Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again

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Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again

Shiba Inu has once again been flipped by Litecoin in terms of market cap as the meme coin has recorded losses of 6% in the past 24 hours.

Shiba Inu Is Down More Than 6% Today

The year 2023 so far has overall been a pleasant time for SHIB holders as the coin is up around 40% year-to-date. But in the past day, the market hasn’t been so kind on the meme coin as its price has observed some significant decline.

At the time of writing, Shiba Inu is trading around $0.00001132, down 6% in the last 24 hours. Here is a chart that shows the trend in the price of the asset over the past month:

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The value of the crypto seems to have sharply risen during this period | Source: SHIBUSD on TradingView

As can be seen in the above graph, Shiba Inu caught an upwards momentum in the first week of this month and continued to rapidly rise until forming a local top above the $0.00001270 level around a week ago. In the days that followed, however, the coin mostly displayed a sideways movement, until today came around and the asset plunged.

Over the last seven days, SHIB is now down around over 8%. For comparison, rival coin Dogecoin has only seen a decline of less than 2% in this period, while Bitcoin has observed decent profits of almost 7%.

One question arises here: why did Shiba Inu see such a drop? According to crypto whale tracker service WhaleStats, the DOGE-cousin coin has been the most traded token among the top 100 Ethereum whales today:

📰 JUST IN: $SHIB @Shibtoken flipped $NMR for MOST TRADED token among top 100 #ETH whales

Check the top 100 whales here: https://t.co/N5qqsCAH8j

(and hodl $BBW to see data for the top 5000!)#SHIB #NMR #whalestats #babywhale #BBW pic.twitter.com/WnD70M3mVj

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— WhaleStats (tracking crypto whales) (@WhaleStats) January 25, 2023

While high trading activity from whales can sometimes have a bullish effect on the price, as it may be a sign of accumulation from them, today’s movements from this cohort may actually have been done with the purpose of selling instead, which would provide an explanation behind the decline in the crypto’s price.

Nonetheless, the 500 largest ETH whales were still holding onto more than $600 million worth of SHIB as of yesterday, so even with some short-term selling today, this cohort might have some large long-term positions still set up.

🐳 The top 500 #ETH whales are hodling

$606,186,035 $SHIB
$149,861,656 $BEST
$87,204,580 $LOCUS
$82,520,983 $MATIC
$70,925,015 $BIT
$68,961,547 $LINK
$64,312,686 $QNT
$62,585,574 $UNI

Whale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/5EWZ77PN4k

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— WhaleStats (tracking crypto whales) (@WhaleStats) January 24, 2023

Litecoin Has Flipped SHIB In Market Cap Again

Litecoin and Shiba Inu have been fierce rivals on the list of the top cryptocurrencies by market cap in recent weeks, with both coins getting a chance to take the lead at a few different points.

With SHIB’s most recent drawdown, LTC has once more overtaken the meme coin as its decline hasn’t been as sharp. The below table shows where the two coins stand in the wider crypto sector right now.

Looks like SHIB has a market cap of $6.2 billion now | Source: CoinMarketCap

From the table, it’s visible that Shiba Inu has now dropped to being the 14th largest crypto in terms of market cap, while Litecoin has moved up to the 13th position.

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The coin just below SHIB is the stablecoin Dai, and it’s not too far off from the meme coin’s market cap. This means that if SHIB continues to decline, it may quickly fall down to the 15th spot.

Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com

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Litecoin breaks above its realized price after almost a year

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Unbanked And Mastercard Team Up To Accelerate Crypto Card Adoption Within Web3 Organizations In Europe

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Unbanked And Mastercard Team Up To Accelerate Crypto Card Adoption Within Web3 Organizations In Europe

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PRESS RELEASE. Today it was announced that Unbanked, the leading provider of white-label crypto card issuance and program management service for Web3 companies has partnered with Mastercard, to accelerate DeFi card issuance in Europe.

Mastercard and Unbanked have already established a footprint in the United Kingdom and Europe and solidified relationships with leading Web3 organizations to launch card programs with a focus on innovation in the payments space. Through this initiative Unbanked and Mastercard are committed to enabling the issuance of cryptocurrency powered card programs focused on simplicity, security, and consumer protections.

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“At Mastercard we believe in offering choice to consumers and businesses on how they want to pay and be paid. This initiative with Unbanked is to testament to that as we work to accelerate issuance of crypto cards and empower choice in the market, knowing that it comes with the safety, security and protections they would expect from our network.” Christian Rau, Senior Vice President Fintech and Crypto Enablement for Mastercard Europe.

Unbanked has worked with the Litecoin Foundation to offer the Litecoin Card to residents of the United States for more than two years. With the Unbanked and Mastercard partnership, the Litecoin Card program will be made available to residents in the UK and Europe – reaching approximately 84% of Europe’s population. Litecoin is one of the oldest and most used cryptocurrencies on a global scale, and was specifically designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.

“There has been a lot of anticipation from the Litecoin community on when more countries would become available, so everyone at Litecoin Foundation is very excited for this expansion of the Litecoin Card to residents of the UK and Europe,” said Charlie Lee, creator of Litecoin. “Unbanked has been a fantastic partner who delivered a LTC powered card program within the United States when others were unable to and Litecoin Foundation looks forward to working with them to scale access even further.”

The Unbanked platform supports many of the Web3 industries largest players by enabling companies to create a custom branded experience for their user base. White-label card issuance, crypto wallets, bank accounts, and more can be setup via the Unbanked API and connected to a mobile or web interface. Unbanked’s built-in compliance ensures all partners achieve full compliance and validation, securing their users and and payment system.

“I am thrilled to be working with Mastercard to open crypto card programs in the UK, Europe and abroad.”, said Ian Kane Co-Founder and Co-CEO at Unbanked. “Mastercard has been very forward thinking when it comes to digital assets, so bringing them together with the Litecoin Foundation so consumers have the ability to use Litecoin in their daily lives is a great achievement.”

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About Unbanked

Unbanked is a global fintech solution built on blockchain. Predicated on the ethos that financial access and control is a fundamental human right, Unbanked connects traditional enterprise, fintech, and banking systems with blockchain infrastructure, expanding the utility of cryptocurrency for investing and everyday purchases. The company has a suite of highly bespoke financial products which enable both the banked, unbanked, and underbanked to create a financial experience as unique as the life they live. You can learn more about Unbanked at Unbanked.com.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Litecoin Foundation

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The Litecoin Foundation is a non-profit organization founded to promote Litecoin for the good of society, by developing and promoting state-of-the-art blockchain technologies. Registered in Singapore, the Litecoin Foundation team consists of full-time and volunteer support from around the globe. For more information, visit https://litecoin.net.


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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

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Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

The Litecoin price has shown considerable recovery ever since it reached its bottom in December 2022. LTC secured almost 50% appreciation in January this year. Currently, however, the altcoin has witnessed a price pullback and is consolidating on its daily chart.

Over the last 24 hours, the Litecoin price moved down by 0.3%, which signified a range-bound movement. The altcoin also lost close to 3% of its market value. The technical outlook of Litecoin pointed towards bullish momentum as demand for the altcoin remained high on the daily chart.

Accumulation also reflected the same. Price noted a decline as LTC receded from the overbought zone. Buyers still have the upper hand on the chart.

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A continued fall in accumulation will cause bears to secure Litecoin’s price action. That momentum would continue for the upcoming week, causing LTC to fall below its nearest support level. At the time of writing, LTC was trading 78% below its all-time high set in 2021.

Litecoin Price Analysis: One-Day Chart

Litecoin was priced at $88.11 on the one-day chart | Source: LTCUSD on TradingView

LTC was trading at $88.11 at the time of writing. The coin has pierced through several resistance lines over the past several weeks but has failed to hold on to the momentum. LTC met with two rigid resistance levels before it started to move south again.

The two important resistance lines for the coin stood at $90 and $92. Immediate resistance stood at $90. If demand for the altcoin remains steady, then LTC might attempt to breach the $90 price mark.

On the flipside, the nearest support line for the Litecoin price stood at $86, and a continued price correction will force LTC to fall below the $86 price mark and settle at $82. The amount of LTC traded in the last session was red, indicating a fall in buyers.

Technical Analysis

Litecoin depicted a downtick in buyers on the one-day chart | Source: LTCUSD on TradingView

The altcoin has been hovering in the overbought region for several weeks now, and at the moment there is a slight fall in demand for Litecoin. The Relative Strength Index stood a little below the 60-mark after it noted a recent downtick indicating that demand was shrinking.

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A reading close to the 60-mark, however, signifies that buyers outnumbered sellers. In accordance with that, LTC price shot past the 20-Simple Moving Average (SMA) line as buyers were driving the price momentum in the market.

The coin was also above the 50-SMA (yellow) and 200-SMA (green) lines, indicating increased bullishness.

Litecoin displayed sell signal on the one-day chart | Source: LTCUSD on TradingView

Concerning the fall in buying pressure, the LTC chart displayed a sell signal on the one-day chart. The Moving Average Convergence Divergence (MACD), which depicts market momentum, underwent a bearish crossover and formed red signal bars tied to sell signals.

This could also imply that the price will fall in the coming trading sessions. The Parabolic SAR, the indicator that reads the trend and change in price momentum, was still positive. The dotted lines were below the candlesticks, suggesting that the LTC price was still positive.

Featured Image From UnSplash, Charts From TradingView.com

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