The popular meme coin Shiba Inu (SHIB) is going through one of the most dramatic periods in its history. According to CoinMarketCap, the asset is on the verge of losing its status in the top tier of cryptocurrencies, hovering near an exit from the top 30 projects by market capitalization.

As of mid-April, SHIB’s market cap stands at $3.42 billion, placing it 29th overall. However, the liquidity metric raises concerns: with $111.7 million in 24-hour trading volume, the token has already dropped to the 38th place.

Top cryptocurrencies by market cap, Source: CoinMarketCap

This divergence between “past glory” represented by market cap and actual interest displayed by trading volume highlights a weakening speculative driver that has kept the Shiba Inu coin in the spotlight for years.

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Triple threat: Why SHIB is losing its market edge

The current news backdrop points to three key pressure factors, but the key one is that the so-called “SHIB Army” is facing a confidence crisis. Over the past year, the token has lost more than 51% of its value, and the lack of major new marketing breakthroughs is pushing retail holders toward more dynamic projects.

Especially after key opinion leaders suddenly turned their back on the project.

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The second reason lies in the "success" of Shibarium as data shows that the network has not entered the top 100 blockchains by developer activity, and the real usage of the ecosystem for decentralized applications remains far below expectations set in 2024-2025.

Finally, general market instability is prompting investors to exit high-risk assets, with meme coins being the first to face selling pressure.

Yes, it is premature to write SHIB off, but the coin is in the “red zone.” If the once-popular meme coin fails to hold the psychological $3 billion market cap level, its position in the top 30 will inevitably be taken.

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