SHIB Falls Below Litecoin Despite Shibarium Trifecta Listing

Litecoin gets ahead as Shiba Inu dives to monthly lows amid a market-wide crypto meltdown.

Shiba Inu falling from the sky.
Created by Gabor Kovacs from DailyCoin
  • Shiba Inu, Litecoin record losses amid market-wide crypto meltdown.
  • SHIB, BONE, LEASH adopted by nature-focused exchange GroveX.
  • The bears hit Shibarium’s gas token, $BONE, with a 12.9% deficit.

Two of the year’s top-watched altcoins, Shiba Inu (SHIB) and Litecoin (LTC), are fighting in the crypto charts but continue to trade downwards, retesting crucial support lines. In the early hours of Monday, LTC overtook SHIB with a market cap of $4.63 billion compared to $SHIB’s $4.41 billion.

Despite the achievement, $LTC is struggling to keep above the crucial $60 resistance line, already folding to half-year lows of $59.39. However, $LTC hasn’t reached the bottom measured by the levels of the FTX-infused fiasco back in October.

Sponsored

If the ascending triangle breaks to the upside, LTC could reclaim the $5 billion market cap in a similar pattern to the New Year 2023 bull run. Despite a few crypto traders on Twitter spotting the likelihood of this, key on-chain signals suggest otherwise for the OG altcoin.

IntoTheBlock indicates a slight drop in all three key on-chain metrics: large transactions, net network growth, and large holder concentration. $LTC scores 0.97, an extremely high price correlation with the leading digital asset, Bitcoin (BTC).

The #15-ranked LTC is known to be more immune to the winds of the crypto winter than most altcoins. However, Litecoin lost 28% of its value in the last 30 days and trades below the crucial resistance at $59.69, according to CoinGecko.

Shiba Inu Ecosystem Joins Green Crypto Exchange

Despite the downward trend in the price charts, all three Shiba Inu Ecosystem tokens were adopted by GroveX, an exchange dedicated to a sustainable future with a green crypto push. GroveX has over 64,000 followers on X, previously known as Twitter, and has its native cryptocurrency, GroveCoin (GRV).

Sponsored

The push for a more sustainable cryptocurrency mining process aligns with Shiba Inu’s vision. Shiba Inu is a Proof of Stake (PoS) blockchain, making it more sustainable than Proof of Work (PoS).

However, most crypto enthusiasts use ShibaSwap, the official decentralized exchange from SHIB Token, to trade $SHIB, $BONE, and $LEASH and interoperate with Ethereum’s PoS blockchain via Shibarium L2 cross-chain bridge. The Layer-2 scaling solution debuted a month ago and recently hit two million transactions.

On the Flipside

  • Shibarium gas fee tokens Bone ShibaSwap (BONE) and Doge Killer (LEASH) are not listed by any major worldwide cryptocurrency exchange.

Why This Matters

Litecoin & Shiba Inu are two alternative currencies among the most watched altcoins this year, sharing a similar global crypto market capitalization.

Discover DailyCoin’s trending crypto news:
G20 Rallies for Global Crypto Regulatory Framework Push
SHIB Devs Warn Against Scams as Shibarium Nears 2M Transfers

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.