Shiba Inu, the self-proclaimed Dogecoin-killer, has shook the market with its current upward trend. Meme coin’s value has surged by almost 350% in the last week, putting it in at the top 12 crypto by market capitalization, which surpasses chainlink.
You can trade SHIBA coin on well-known platforms like Binance and Coinbase.
📝 Shiba Inu’s Protocol
SHIB, BONE, and LEASH, the protocol’s three tokens, have seen enormous growth over the last several weeks.
Shina climbed to $0.000035 last week, the second-highest value since May 10th, 2021, when it reached an All-Time High of $0.000038. Only a few inches separate us from getting a recent All-Time High.
SHIB’s market cap recently surpassed half of Dogecoin’s. Dogecoin now ranks tenth globally, which has a market capitalization of around $32 billion, whereas SHIB ranks twelve.
🐋 Trading on a Whale-Sized Scale
An unknown whale trader buys over 6.3 trillion SHIBA tokens and inflates the value of the SHIB token.
Consequently, Shiba has become one of the market’s most actively traded digital cryptocurrencies over the previous weeks. With having a market capitalization of approximately $13.23 billion, the cryptocurrency has increased by 17% in the previous 24 hours.
An increase in the price of Shiba Inu was attributed to the platform’s burn mechanism and ShibaSwap’s DEX ecosystem. The massive increase in the price valuation is due primarily to developments in SHIB.
The news of the distribution of 10,000 Shiboshis on the ShibaSwap platform, the implementation of the burn mechanism, and at the same time the rising number of token holders are all significant considerations.
🎮 Shiba Inu To Enter The Gaming Industry
While Shiba Inu is preparing to conquer the gaming industry, token holders anticipate an increase in demand. In the beginning, the protocol faced difficulties with limited liquidity and the inaccessibility of the platform updates.
The matter of low liquidity is greatly reduced by the daily trading volume which exceeds $13 billion as a result of its quick token placement on Coinbase.
⚔️ Shiba Inu Surpasses other Major Coins
The SHIB token has officially surpassed major cryptocurrencies such as Chainlink, Avalanche, and UniSwap in market capitalization.
Its double-digit surge over the last four days has aided the nearly-obliterated altcoins in regaining prominence. After only four months of price dormancy, the meme currency has effectively wiped one zero from its price over these few days of price surging.