Shiba Inu Bulls Outshine Tron, Chainlink, and Polygon, Taking Center Stage
In a surprising twist of events, the cryptocurrency Shiba Inu (SHIB) has made a remarkable leap in its market capitalization, propelling it to the 11th position in the global cryptocurrency market.
According to data gathered from CoinMarketCap, SHIB’s market cap now stands at $15.75 billion, representing an impressive 33.78% surge in the past 24 hours.
This surge has allowed SHIB to surpass well-established cryptocurrencies such as Tron (TRX), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT) in terms of market cap. TRX currently holds a market cap of $12.36 billion, LINK is at $12.05 billion, MATIC stands at $10.92 billion, and DOT is at $12.73 billion. As a result, DOT is now ranked 12th, followed by TRX at 13th, LINK at 14th, and MATIC at 15th on the list.
The increase in SHIB’s market cap aligns with the recent rally of the memecoin. As of now, the memecoin is trading at $0.00002668, indicating a remarkable surge of 33.82% in the past 24 hours and an impressive 182% increase over the past week. Notably, this is the highest level SHIB has reached in two years.
While the exact reasons behind SHIB’s recent surge remain unclear, several factors could be contributing to its success. These factors include the growing popularity of memecoins, increased interest from institutional investors, and significant trading volume.
With 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 experience an 800% surge within a week. This projection is based on factors such as gradual burns and steady demand. If this surge occurs, SHIB’s current price would automatically remove a zero, propelling it to a new all-time high (ATH).
Meanwhile, data from on-chain analyst IntoTheBlock reveals that with its current price, 69% of SHIB holders are currently in profit, while only 24% are at a loss. Additionally, the data shows that 7% of SHIB holders are either at a profit or a loss.
Tags:
– Chainlink
– Polkadot (DOT)
– Polygon (MATIC)
– Shiba Inu (SHIB)
