The popular meme-inspired cryptocurrency Shiba Inu ($SHIB) is experiencing a significant price decline, having lost around 19% of its value in the last seven days amid a wider cryptocurrency market correction. The drop has seen SHIB lose its position among the top 10 cryptocurrency by market capitalization.

According to available data, SHIB currently has a total market capitalization of $16.8 billion while the cryptocurrency that overtook it, Avalanche ($AVAX) has a total market capitalization of $19.4 billion after seeing its value surge over 18% in the past week, outperforming most other major tokens.

SHIBUSD/AVAXUSD comparison chart via TradingView

The Shiba Inu price dip coincided with signs of profit-taking by large investors, often referred to as “whales.” On-chain data analysis by Spot On Chain, as reported, pseudonymous memecoin whales have been transferring large amounts of both SHIB and PEPE to major centralized exchange to realize their gains, with one whale realizing over $6 million in gains by depositing over 200 SHIB onto Gemini and

The whale has been trading the meme-inspired cryptocurrency after buying 15.2 trillion tokens four years ago for 10 ETH. The whale is estimated to have a profit of around $129 million with 2.6 trillion tokens left on their wallet.

As CryptoGlobe reported, a mysterious SHIB whale has recently moved their staggering 4.25 trillion token stash worth around $46.4 million to a new cryptocurrency wallet in a move that was detected by whale transaction monitors, but doesn’t suggest they’re selling the funds.

Despite the current downturn, Shiba Inu’s lead developer, Shytoshi Kusama, remains optimistic. He emphasized on the microblogging platform X (formerly known as Twitter) that SHIB’s value extends beyond memecoin popularity, citing the project’s focus on the community, strategic partnerships, and will to execute.

Notably, earlier this month, Shiba Inu’s layer-2 scaling solution, Shibarium, started hitting new milestones. The network topped the 400 million transaction mark earlier this week as SHIB’s adoption grows. Shibarium hit the 300 million transaction mark back in January of this year.

The SHIB ecosystem has shown it’s buzzing with activity, with on-chain data revealing that the daily active addresses for the SHIB token have skyrocketed since March began, far exceeding February’s levels. This metric peaked at a staggering 21,000 this week, nearly 20 times the daily average seen last month, seeing a surge of nearly 2,000%.

Featured image via Unsplash.