The price of Shiba Inu (SHIB) is trading lower on Friday, May 13, continuing the decline from the previous session. The second-largest meme cryptocurrency dropped 6.6% to $0.00001552 in the 24 hours to 3:48 AM ET (7:48 AM GMT). The rate of price change is staggering.

Shiba Inu price analysis: traders focus on meme coins amid broader market downturn

The broader cryptocurrency market is also in the red, with the market benchmark falling 2.7%. The Bitcoin price is flat, while Ethereum is up 0.9%.

The cryptocurrency segment is visibly taking a breath after yesterday's rally. The price of the world's leading cryptocurrency, Bitcoin, showed practically no dynamics, remaining at the same level.

Among the top 100 cryptocurrency, Pi Network (PI) showed the worst dynamics, dropping 13% after rumors of a Ponzi scheme appeared in social media.

The meme coin segment is also massively in the red, with the top dog-themed coins losing value. The owners of both large- and mid-cap meme coins are under fire today as their assets are underperforming.

The second-largest meme cryptocurrency, Shiba Inu (SHIB), is down 6.6% with the price now trading at $0.00001552 at the time of writing. The drop in price comes after a huge drop in trading volume.

The price of Dogecoin (DOGE) also dropped by 5% in 24 hours, which is significantly worse compared to the market benchmark. In a rapid move, DOGE nosedived to $0.2281 today.

Among other large meme coins, Bonk (BONK) dropped by 3.6% overnight, while Floki Inu (FLOKI) registered a 4.8% drop. Dogwifhat (WIF), the top Solana-based canine coin, is another crypto performing poorly today, with a 3.3% price drop.

In contrast, Pepe (PEPE), the largest frog-coin, is only down by 1.2%.

The market benchmark for all cryptocurrencies today is down 2.7%, while the Bitcoin price is stagnant.

Pi Network (PI) is the undisputed worst performer in the top 100. PI's price lost 13%, following Ponzi scheme allegations in social media.

Smaller meme coins MOG, POPCAT, BRETT also in red

The price of Ethereum (ETH), the largest altcoin, increased by 0.9%. Major exchange tokens Unus Sed Leo (LEO), Cronos (CRO), and Nexo (NEXO) showed the best performance with a 1.5-1.6% increase.

In the segment of smaller meme coins, bearish sentiment is also prevailing. Mog Coin (MOG) dropped by 7%. As its capitalization fell below $500 million, MOG has a good chance of leaving the top 200 cryptos. The first AI meme coin, Turbo (TURBO), saw its cap decrease to less than $400 million.

The price of Popcat (POPCAT), the first mainstream cat-themed meme coin, decreased by 4.1%, while the pioneering meme coin on Base, Based Brett (BRETT), dropped by 2.6%.