Shiba Inu, the second-largest meme coin, is garnering attention once again as Shytoshi Kusama, its lead, acknowledges a bold prediction. With a market cap forecasted to hit $100 billion this cycle, optimism runs high. However, the current journey has been turbulent.
Over the past week, Shiba Inu has surged by over 200%, surpassing major cryptocurrencies. At $0.000035, its price reflects a 5.84% increase in the last 24 hours. Notably, 73% of SHIB holders are profiting, with a concentrated ownership of 73%. Its correlation with Bitcoin stands strong at 0.79, reflecting stability.
Despite the enthusiasm, Shiba Inu faces a daunting path to reach the $100 billion mark. Currently valued at $15.3 billion, it trails behind Bitcoin, Ethereum, and Tether. Achieving the coveted milestone would necessitate a monumental 553% increase in value, demanding substantial market demand and investor confidence.
Shiba Inu: Rising to Cryptocurrency Prominence
In a whirlwind week for cryptocurrency enthusiasts, Shiba Inu (SHIB) has emerged as a powerhouse, captivating markets with its astounding surge. As the meme-inspired digital currency continues to rewrite the narrative, its meteoric rise has positioned it among the top ten largest cryptocurrencies by market capitalization, as reported by TWJ.
According to the latest data from CoinMarketCap, SHIB is currently trading at $0.00004316, marking a staggering 330% surge over the past seven days and a remarkable 60% increase in the last 24 hours alone. This surge has propelled SHIB to new heights, surpassing formidable altcoins like Cardano (ADA), XRP, Solana (SOL), and even its rival, Dogecoin (DOGE), in terms of 24-hour trading volume.
With trading volume skyrocketing by 253% to an impressive $14,638,585,744, SHIB has shattered barriers, leaving its competitors in the dust. Breaking through the long-standing resistance level of $0.00001, SHIB now sets its sights on $0.00004, a milestone not reached since October 2021.
In a remarkable turn of events, SHIB has dethroned Avalanche (AVAX) from the coveted tenth spot on the crypto rankings, solidifying its place in history. As the crypto world braces for further developments, the ascent of Shiba Inu signifies more than just a surge in price—it represents a paradigm shift, reshaping the landscape of digital assets with each bullish stride.