Shiba Inu put in a strong performance earlier in the week, surging to $0.00001947 on Tuesday. Its bullish uptick ensured it surpassed Avalanche to become the 12th largest cryptocurrency by market cap.

However, a global market downturn on Wednesday triggered a correction for the crypto market, with Shiba Inu also facing the heat. For context, the dog-themed meme coin is down 6.40% in the past 24 hours, relinquishing all its weekly gains to the latest retracement.

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