SHIB’s current market capitalization is $16 billion.
Last week the cryptocurrency market cap stayed above $2.5 trillion. Also, SHIB increased by more than 40%, while Bitcoin, Binance Coin, and Ethereum saw marginal gains.
With the latest spike, SHIB’s market cap has climbed above leading digital assets such as Chainlink (LINK), Bitcoin Cash (BCH), and Litecoin (LTC). In the current situation, SHIB is the 13th most valuable cryptocurrency asset all over the world.
The crypto analytics platform, Santiment stated: “Shiba Inu is +26% in the past 24 hours while the rest of the crypto markets are mostly flat. The young, the rising asset continues pumping eerily in tandem with moments of crowd negativity and doubtful commentary,”. Adding to that, Santiment also noted that: “SHIB was among the 100 best-performing cryptocurrency assets that have managed to accumulate more than 20% gains in the last 24 hours along with the “highest increased discussion rates.”
Shiba Inu has had a positive market sentiment since the very beginning of 2021. While many leading institutional investors have considered Shiba Inu as an important tool for portfolio diversification, retail interest mainly drives the latest SHIB rally.
Record Price Level of SHIB
Yesterday, SHIB reached a record price level of $0.000044. At the beginning of this year, the market cap of the meme coin was a few million dollars. Shiba Inu, also known as the ‘Dogecoin Killer’, was created in 2020. The market cap of SHIB gets closer to Dogecoin.
Social coins’ popularity increases dramatically. This has contributed to the growth of Shiba Inu a lot. Since there is a growing demand for social coins, several leading digital exchanges have started listing them. Considering SHIB’s 40% jump in the last seven days, the cryptocurrency has the potential of being the most valuable meme coin in the world.
See also: The Unstoppable Rise Of Cryptocurrencies