Meme coin Shiba Inu (SHIB) has been pushed out of the global top 30 cryptocurrencies by market capitalisation.

The Crypto Basic, a blockchain media outlet, reported that Shiba Inu briefly fell to 31st by market cap on June 29 local time. Tether Gold (XAUT) took 30th place.

Based on CoinMarketCap data, Shiba Inu has fallen about 9 percent over the past seven days, and its market capitalisation shrank to about $2.44 billion. Tether Gold recorded a market cap of $2.48 billion, overtaking Shiba Inu.

Shiba Inu's slide is also seen in its performance since the start of the year. It is down 39 percent this year and trades 95 percent below its all-time high of $0.00008845. Shiba Inu surged during the 2021 bull market and entered the top 10 multiple times. The project later signalled ambitions to reach the top five, but its current market position has retreated sharply.

Market structure also supports the weak trend. Spot trading volume in Shiba Inu was $10.94 million, according to Coinglass, while futures trading volume over the same period was $51.41 million, far outpacing spot. This is seen as a trend in which speculative derivatives trading accounts for a higher share than actual buying demand.

Open interest was tallied at $30.73 million. The funding rate stayed slightly positive at 0.0063 percent, but price action and inflows did not support it. Liquidations over the past 24 hours totalled $46,390, with long-position losses accounting for most of that at $43,090. Short-position liquidations were about $3,300. Bullish bets were hit harder during the recent down leg.

Weakness across the broader ecosystem is also continuing. Critics see the Shiba Inu ecosystem as increasingly being neglected by its leadership. They pointed in particular to developer Shytoshi Kusama's prolonged silence and a focus on a separate artificial intelligence (AI) initiative as signs of a shift in priorities.

Some projects initially presented to expand adoption are still incomplete or effectively halted. These include Shib: The Metaverse, Shib Marketplace and the layer-3 blockchain Shib Alpha Layer. Critics also say Shibarium has effectively been left unattended as on-chain activity slows. Shibarium's daily transactions are currently 787, and decentralised exchange (DEX) trading volume on the network has stayed at zero since June 23. Total value locked (TVL) fell to $170,699.

The burden of a large supply also remains. Shiba Inu introduced a burn mechanism to reduce circulating supply, but the burn rate has slowed sharply. Over the past 24 hours, the community burned about 2.41 million SHIB, worth about $10. The past seven days saw 19.13 million tokens burned, and monthly burns totalled 108.4 million. That remains small compared with the circulating supply of about 589 trillion tokens.

The weakness was not limited to the Shiba Inu token alone. Based on CoinMarketCap data, BONE ShibaSwap has fallen 99.9 percent from its all-time high, and Doge Killer has slid almost 100 percent from its peak. Expectations for a rebound in Shiba Inu prices still remain, but for now, the market first needs to see a recovery in spot demand and a normalisation of ecosystem activity.