In the preceding week, Shiba Inu (SHIB), a meme-inspired cryptocurrency, has seen its price increase tremendously as well as market capitalization that have made it be ranked as one of the top ten largest cryptocurrencies based on market cap. According to CoinMarketCap, currently trading at the price of $0.00004316, SHIB’s price has surged 330% in the last 7 days and 60% over the last 24 hours.
SHIB has shown an impressive rally, outpacing many great altcoins, among them Cardano (ADA), XRP, Solana (SOL), and even its rival Dogecoin (DOGE) in terms of 24-hour trading volume. The trading volume for SHIB has surged by 253% to $14,638,585,744 leaving the above mentioned coins behind it as of press time.
SHIB has also succeeded in breaking the $0.00001 resistance level that had been holding it back for weeks and is now aiming at $0.00004, which would be its highest price since October 2021 as well as SHIB has kicked out Avalanche (AVAX) from the 10th place on crypto ranking, reaching a new milestone in its history.
Shiba Inu Challenges DOGE for Meme Coin Supremacy
Shiba Inu amazing growth has been driven by several factors like increased capital inflow into Bitcoin through spot BTC ETF consequently it has raised the overall sentiment for crypto market. SHIB also owes its success to a dedicated, fervent community that has been pushing the coin on various social media and online platforms.
SHIB is also competing with Dogecoin (DOGE), the first and most popular meme coin ever for being the leading meme coin of all times. The market capitalization of DOGE is $27 billion as of press time, retaining a substantially superior value to that of SHIB. However, SHIB’s growth rate and momentum may help it bridge this gap in the near future and get ahead of DOGE.
SHIB has some advantages over DOGE such as being deflationary and having its use cases in the DeFi. While on the other hand, Shiba Inu, which is a decentralized ecosystem has SHIB as its native coin. This ecosystem consists of ShibaSwap, a decentralized exchange (DEX), Shiba Army which is a decentralized autonomous organization (DAO) and Shiboshi, which is a non-fungible token (NFT) project.
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