Shiba Inu Blasts Into Top 10 Crypto Following 175% Price Surge
04 Marzo 2024 - 3:00PM
NEWSBTC
The crypto market witnessed an explosive surge last week, pushing
crypto prices to new levels. Meme coins, particularly Shiba Inu,
have reaped significant benefits from this market surge. At the
time of writing, SHIB has carried over its gains from the previous
week into the current week and is currently on a 175% increase in
the past seven days. Interestingly, this surge saw SHIB breaking
into the top 10 crypto by market cap last week as it outperformed
most altcoins. SHIB Blasts With A 175% Surge Shiba Inu’s ecosystem
(spearheaded by SHIB) is one of the fastest-growing communities in
the crypto industry. The meme cryptocurrency has come a long way in
a short time from its days as a cryptocurrency fueled by hype.
Despite constant SHIB burns and updates to the ecosystem, SHIB
largely underperformed in December and January, prompting community
members to call for swift and better action from team
members. Related Reading: CEO Of Blockchain-Focused VC Firm
Predicts XRP Price Will Reach $10 Things have taken a turn for the
better since early February, as SHIB and other tokens in the SHIB
ecosystem have recorded strong gains across the board. The
price of SHIB spiked by over 180% at one point in the past few,
pushing it over the $0.00002 price level since April 2022. This
impressive performance saw it breaking ranks and overtaking
Chainlink (LINK), Tron (TRX), and Polkadot (DOT) in market cap
rankings. It’s important to note that these altcoins have also
witnessed gains amid a wider influx, with Chainlink, Tron, and
Polkadot currently up 10%, 2%, and 27% respectively in the past
seven days. SHIB’s recent gains have also flowed into other tokens
in the Shiba Inu ecosystem. BONE, for instance, is currently up by
70% in the past 30 days. LEASH is also up by 112% in the past 30
days. SHIB has also outperformed DOGE, which itself has posted a
massive 94% gain in the past seven days. What’s Next For SHIB?
SHIB’s recent performance seems long overdue for its fervent
holders, and it isn’t showing any sign of stopping soon.
Lookonchain recently called attention to a whale who made $2.5
million as a result of the price surge. Related Reading: Bitcoin
Profitability Reaches 97% For The First Time In Over 2 Years
According to data from Coinglass, open interest in active perpetual
futures contracts tied to SHIB is now over $100 million for the
first time since August 2023. SHIB is still 66% down from its
all-time high, but it faces virtually no resistance until it
reaches $0.000032. A sustained move above $0.000027 could send SHIB
skyrocketing to $0.000032 for the first time in over two
years. SHIB price at $0.00002657 | Source: SHIBUSD on
Tradingview.com Featured image from Finbold, chart from
Tradingview.com
Grafico Azioni Polkadot (COIN:DOTUSD)
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