As a seasoned crypto investor who has seen the ebb and flow of digital currencies over the past decade, I can confidently say that the recent surge of Shiba Inu (SHIB) has been nothing short of exhilarating. Having closely followed its journey since its inception, I must admit that I initially dismissed it as just another meme coin destined for obscurity. However, the dogged persistence and innovative thinking behind SHIB have proven me wrong, to say the least.
Over the course of the weekend, Shiba Inu (SHIB) managed to move ahead in the rankings among the top cryptocurrencies based on market cap, surpassing both Tron (TRX) and Toncoin (TON).
Over the last seven days, the price of the meme coin themed around dogs experienced an impressive increase, peaking at a rise of over 70%. This upward trend continued the climb.
SHIB Price Up 12%
On November 10th, information from several cryptocurrency price monitoring platforms such as CoinGecko and CoinMarketCap revealed that SHIB was one of the top three highest gainers in the crypto market. That day, it surged by 25%, momentarily exceeding $0.000027. This significant increase led to a high point not seen for several months, pushing the coin’s total market capitalization over $14 billion.
Currently, Shiba Inu (SHIB) is valued at $0.00002516, marking a significant increase of 12.5% in the last 24 hours and an impressive surge of approximately 48.7% over the past week. Remarkably, it significantly outpaced the global crypto market’s growth, which experienced more than a 21% rise during the same weekly period.
As a crypto investor, I’ve noticed an exciting development: The recent surge has propelled the second most valuable meme token beyond the $0.0002169 mark, a level it hasn’t breached since June. Analysts are optimistic that if this momentum continues, we might see even higher valuations ahead.
Even though Shiba Inu (SHIB) is currently over 70% below its all-time high reached on October 28, 2021, it’s important to note that its current value represents a staggering 44,021,689.3% increase from the lowest point it reached just four years ago in November 2020.
Moving on, its market value of approximately $14.77 billion places it roughly $600 million above Tron and around $1.4 billion more than Toncoin. Interestingly, while TRX experienced a slight increase of 0.7%, TON saw a decline of 2.7% within the past day.
Uptick in Broader Crypto Market
According to CryptoPotato’s report, the surge of the meme coin occurred around the same time as Donald Trump’s triumph in the recently concluded U.S. presidential election. Throughout his campaign, Trump presented himself as a pro-cryptocurrency candidate, and many see his victory as a positive development for the crypto industry.
Victory led to an increase in prices throughout the wider cryptocurrency market, as Bitcoin (BTC) repeatedly broke its previous record high values.
Additionally, there’s seen a comeback in meme-based cryptocurrencies, with Dogecoin (DOGE) taking the front row. Worth over $41 billion, DOGE now ranks sixth among all cryptocurrencies by market capitalization, surpassing USD Coin (USDC).
In terms of its current standing, SHIB is positioned at number 10 (on CMC), with a surge from Cardano (ADA) pushing it up. Cardano’s substantial valuation of $20.5 billion places it at number 9. The anonymous lead developer of SHIB, Shytoshi Kusama, attributes the soaring prices of SHIB to the “impact of technology and creative ideas,” suggesting that these factors have guided the project even during the bear market.
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2024-11-11 10:26