Shiba Inu’s blistering rally has lost its steam, with the canine coin plunging by almost 40 percent
The Shiba Inu cryptocurrency is going through a rough patch after wowing everyone with its blistering rally earlier this week.
The second-largest canine coin has plunged 39% in hours, with its strong momentum gradually faltering.
SHIB stopped short of reclaiming its May 10 all-time high of $0.00003791, peaking at $0.00003528 on the Binance exchange.
As reported by U.Today, Shiba Inu recently surpassed Litecoin by market cap, breaking into the top 15 biggest cryptos by market cap.
Despite the painful correction, the red-hot Dogecoin rival is still up a staggering 200% since the start of October, blowing every major cryptocurrency out of the water.
Bitcoin, the largest cryptocurrency, is also experiencing some weakness now that bulls have run out of steam. It is currently changing hands just above $54,000.