Shiba Inu (SHIB) Surges 330% In A Week, Enters Top 10 Crypto List

Last week, the meme-inspired cryptocurrency Shiba Inu (SHIB) saw a significant price increase and market capitalization increase, ranking it as one of the top 10 largest cryptocurrencies based on market capitalization . according to Currently trading at a price of $0.00004316, the price of SHIB on CoinMarketCap has soared 330% in the past 7 days and 60% in the past 24 hours.

Source: CoinMarketCap

SHIB has seen an impressive rise, surpassing many great altcoins in 24-hour trading volume, including Cardano (ADA), XRP, Solana (SOL), and even rival Dogecoin (DOGE). SHIB trading volume surged 253% to $14,638,585,744, trailing the above-mentioned coins at the time of writing.

SHIB also managed to break out of the $0.00001 resistance level that had been holding it back for several weeks and is now targeting $0.00004, its highest since October 2021. SHIB also dislodged Avalanche (AVAX) from 10th place. Cryptocurrency ranking reaches a new milestone in its history.

Shiba Inu challenges DOGE for meme coin supremacy

Shiba Inu’s impressive growth has been driven by several factors, including increased capital inflows into Bitcoin through Spot BTC ETFs, which has resulted in an increase in overall crypto market sentiment. SHIB’s success is also due to its dedicated and engaged community who have been pushing the coin across various social media and online platforms.

SHIB also competes with Dogecoin (DOGE), the first and most popular meme coin of all time, as the leading meme coin of all time. DOGE’s market cap is $27 billion at the time of writing, significantly exceeding SHIB’s market cap. However, SHIB’s growth rate and momentum could close this gap and surpass DOGE in the near future.

SHIB has several advantages over DOGE, including being deflationary and having use cases in DeFi. Meanwhile, Shiba Inu, a decentralized ecosystem, has SHIB as its native coin. This ecosystem consists of ShibaSwap, a decentralized exchange (DEX), Shiba Army, a decentralized autonomous organization (DAO), and Shiboshi, a non-fungible token (NFT) project.

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