Shiba Inu Slips, DAI Stablecoin Gets Stronger

Shiba Inu's ranking dropped on CoinMarketCap. (photo: doc. Unsplash)

JAKARTA – The market capitalization of the number two meme crypto, Shiba Inu (SHIB) is declining. Now SHIB ranks 16th, below the stable coin DAI.

Based on data from CoinMarketCap, DAI's market cap is USD 6,616,555,744, while SHIB's market cap is USD 6,569,452,853. The DAI stablecoin is slightly ahead of its competitor DOGE.

DAI's increasingly strong market capitalization seems to have dispelled the words of the founder of TerraUSD (UST) Do Kwon some time ago, before the collapse of UST. In public, Kwon had stated that DAI would die in his own hands.

In fact DAI is one of the oldest stablecoins launched in 2017. Until now it is one of the big decentralized stablecoins. On the other hand, the collapse of UST strengthened DAI's position in the crypto market.

The DAI stablecoin is powered by MakerDAO, a popular decentralized autonomous organization. The UST token collapsed after Terra's built-in arbitrage mechanism stopped working properly due to a collapse in demand for LUNA tokens, which dropped to almost zero within days.

As reported by U.Today, Rune Christensen from MakerDAO once called UST a “solid Ponzi” last January. His comments, which drew a lot of criticism at the time, finally looked smart.

After the collapse of Terra, Christensen did not laugh at the death of UST, on the contrary he regretted those who invested in the project.

On the other hand, the Shiba Inu started a difficult year. As of writing, SHIB is trading at a price of 0.00001187 US dollars per token. SHIB price performance has increased by 4.86 percent in the last 24 hours according to data from CoinMarketCap.