In a surprising twist of fate, the cryptocurrency Shiba Inu (SHIB) has witnessed a remarkable surge in its market capitalization, propelling it to the 11th position in the global cryptocurrency market. CoinMarketCap data reveals that SHIB’s market cap now stands at $15.75 billion, reflecting a 33.78% increase in the past 24 hours.
This achievement by SHIB has surpassed several well-established cryptocurrencies, including Tron (TRX), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT). SHIB’s market cap of $15.75 billion exceeds TRX’s market cap of $12.36 billion, LINK’s market cap of $12.05 billion, MATIC’s market cap of $10.92 billion, and DOT’s market cap of $12.73 billion. Consequently, DOT ranks 12th, followed by TRX at 13th, LINK at 14th, and MATIC at 15th.
The surge in SHIB’s market cap aligns with the impressive performance of this meme-inspired cryptocurrency. Currently, SHIB is being traded at $0.00002668, indicating a 33.82% surge in the past 24 hours and a remarkable 182% increase over the past week. Notably, this marks the highest level SHIB has reached in the past two years.
While the exact reasons for SHIB’s recent surge remain unclear, several factors may have contributed to this phenomenon. The growing popularity of meme-inspired coins, increased interest from institutional investors, and substantial trading volume could all play a role in SHIB’s ascent.
Given its current performance, analysts are predicting an even more bullish outlook for SHIB in the coming weeks. Lucie, the marketing lead for Shiba Inu, recently stated that SHIB could potentially experience an 800% surge within a week, citing factors such as gradual price increases and consistent demand. Such a surge would automatically remove a zero from SHIB’s current price, propelling it to a new all-time high (ATH).
Additionally, data from on-chain analyst IntoTheBlock indicates that 69% of SHIB holders are currently in profit, while only 24% are at a loss. Moreover, 7% of SHIB holders are neither at a profit nor a loss, according to the data.
Tags:
– Chainlink
– Polkadot (DOT)
– Polygon (MATIC)
– Shiba Inu (SHIB)
