SHIB has made a significant breakthrough, taking a cool spot among the top ten most valuable crypto assets. It secured this position following an impressive 270% surge in the past week.
During this period, the asset rose to a peak of $0.00004533 from a modest $0.00002349, marking a remarkable 92% increase within 24 hours.
Shiba Inu Soared Above Popular Crypto Assets
Looking at a 30-day price trend, Shiba Inu has experienced nearly a quadruple growth, starting from its low of $0.000008829. This astounding price trajectory has set new records in the dynamic landscape of crypto trading.
Shiba Inu surpassed prominent cryptocurrencies like Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), and TRON (TRX) to secure its position in the top ten.
Specifically, SHIB now boasts a market cap exceeding $23.5 billion, surpassing its closest competitor, AVAX, which holds a valuation of $16.24 billion.
Furthermore, Shiba Inu achieved an extraordinary 24-hour trading volume of over $13.56 billion, a figure surpassing its recent activity by over 300%. Interestingly, this places Shiba Inu just behind Bitcoin and Ethereum in trading volume, excluding stablecoins.
Also remarkable is that Shiba Inu ranks as the fifth most traded digital asset in the last 24 hours. The crypto assets have outperformed all other risk assets in terms of trade volume, only trailing behind Bitcoin and Ethereum.
This includes surpassing Dogecoin (DOGE) with an $8 billion trading volume, Solana (SOL) with $5 billion, XRP with $4.47 billion, and BNB with $2.5 billion. Shytoshi Kusama, the lead developer overseeing the Shiba Inu ecosystem, recently shared insights on the notable accomplishment of the token.
He made this acknowledgment on X, where he highlighted the significant milestone for Shiba Inu, stating:
Presently, SHIB’s trading volume has exceeded the combined trading volumes of three major cryptocurrencies – BNB (Binance Coin), Solana, and XRP – totaling over a billion dollars.
In a subsequent update, Kusama expressed sincere gratitude to the community known as the SHIB Army. Despite facing challenges along the way, Kusama highlighted the unity of the SHIB Army, even in the presence of perceived adversaries.
Moreover, Kusama commended each member of the SHIB Army, recognizing their collective effort. He specifically noted that while some may have considered their achievements to be impossible, the SHIB Army demonstrated a conviction that these accomplishments were expected.
Factor Behind Shiba Inu’s Surge
Shiba Inu, often referred to as the Dog-Killer, holds the position of the second-largest meme coin, trailing behind Dogecoin. In recent times, there has been a surge in the popularity of meme coins like Dogecoin, Bonk, and Floki Inu.
This has resulted in a bullish market trend that extended to SHIB.
An influential factor contributing to this upward momentum is the growing interest of buyers in the market. For example, the founder of MakerDAO, Rune Christensen, made noteworthy moves by acquiring 7.41 billion SHIB for 100K USDC on March 1, initiating a substantial 60% increase.
Shortly after, he made another significant purchase of 17.629 billion $SHIB with 400K $USDC, resulting in an additional 20% surge. Another driving force behind these surges is the announcement of the release of the Shib Name Service (SNS) 1.1 version.
This upgrade allows holders to personalize their tokens, offering a unique web3 identity through gamertags and digits. More so, the incorporation of Self-Sovereign Identity (SSI) into Shiba’s projects is set to commence with SHIB Identity’s first phase on November 1, 2024.
All these factors are likely pushing SHIB in front of investors as a meme coin that has come to stay, thereby encouraging more accumulation and value increase.
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