SHIB was initially seen as a “soon-to-be” meme-coin but has now risen to 13th place on the market cap rankings. SHIB is up 49% in 24 hours, while the rest of the crypto market is mostly flat.
SHIB’s market capitalization currently stands at $15.4 billion, down from last night’s high of $16.5 billion. When this coin usurped UNI, there were predictions that it would also beat DOGE in terms of market capitalization. While expecting SHIB to surpass DOGE or even rank 11th in terms of capitalization sounded odd earlier this year, it now seems plausible.
In terms of trading volume, SHIB/USDT was the most traded pair on Binance in the last 24 hours, surpassing $2 billion in volume. This meme-coin has increased by 50,649.250% since the beginning of the year. In fact, the asset continued to strangely increase in tandem with moments when the crowd turned negative and comments appeared suspicious.
The price of SHIB has increased since the whales bought it in late September. Additionally, data from Google Trends shows that worldwide interest hit a multi-month high in early October. .
The project is also reaping the benefits of the NFT craze through its plan to release a digital collection of “10,000 adorable creatures,” which drives up its price and popularity.
In addition, the demand for SHIB increased markedly as the number of active addresses was nearly 770% higher within a week from October 3 to October 9. At the time of writing, the number of active addresses remains decent at 19k, while the social volume also increases with the price escalation.
The platform’s Shibaswap decentralized exchange that allows token staking is an example of Shiba Inu trying to get ahead of itself and other meme-coins. In addition, the development of the Shibarium blockchain and the Shiboshi game is also underway.
Shiba Inu’s upcoming stablecoin SHI also resonates with SHIB. Besides, ShibaNet is set to enable smart contracts for automatic royalties.
In short, it looks like now is the time for SHIB to shine but in reality the dog race is still going on. With SHIB being only three places behind DOGE, the chances of it actually becoming a “DOGE killer” are very high. In the near future, will there appear other meme-coins with an amazing leap that shakes the market or SHIB suffers the same boring fate as “big brother” DOGE? This is something that time will tell. However, dog racing is still an interesting race to follow.
- Source: AMBCrypto -