Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets
11 Oktober 2021 - 9:20PM
NEWSBTC
Shiba Inu, the self-acclaimed Dogecoin-killer, has shaken the
market with its recent bullish momentum. The meme coin has
surmounted over 350% upsurge within one week, ranking it amongst
the top 12 cryptocurrencies based on market capitalization.
Presently, SHIBA is the most traded currency on leading exchanges
like Coinbase, Binance, and Huobi. Memecoins A meme coin is a
digital currency linked with some theme, more often as a jest
rather than for more serious products. Dogecoin was the very first
meme coin deployed. The Shiba Inu Protocol Shiba Inu was developed
by a person named Ryoshi in August 2020. The protocol’s three
tokens SHIB, LEASH, and BONE, experienced tremendous increments
within the past few weeks. Related Reading | New To Bitcoin?
Learn To Trade Crypto With The NewsBTC Trading Course Last week,
Shina increased to $0.000035, the second-highest record after an
All-Time-High value of $0.000038 on May 10th, 2021. Just a few
inches away from setting a new All-Time-High record. SHIB Token is
trading upwards | Source: SHIB/USD on TradingView.com Just
recently, SHIB’s market cap increased to over half of Dogecoin’s
market cap. Currently, Dogecoin ranks 10th globally, with a market
capitalization of $32 billion, while SHIB ranks 12. The Whale-Sized
Trading Just after an anonymous whale trader decided to purchase
over 6.3 Trillion SHIB tokens and increase SHIBS token valuation,
it expanded massively. As a result, Shiba has been one of the most
traded digital currencies in the market within this past week. With
a current market cap of over $13.23 billion, the coin spiked by 17%
in the last 24 hours. The deployment of Shiba Inu’s DEX ecosystem
ShibaSwap and the introduction of the platform’s burn mechanism
incited a rally in the altcoin’s prices. Some developments in SHIB
are the main contributors to the massive growth in the price
valuation. Significant factors include the announcement of the
release of 10,000 Shiboshis on ShibaSwap, the execution of the burn
mechanism, and the increase in the number of token holders. Shiba
Inu To Venture Into Gaming While Shiba Inu makes preparations to
win the gaming sector, token holders anticipate a rise in its
demand. At first, the protocol was experiencing the challenges of
insufficient liquidity and inaccessibility of the platform updates.
Due to its recent token listing on Coinbase, the challenge of
insufficient liquidity was salvaged to a great extent, noting how
its daily trading volume surpasses $13 billion. Shiba Inu Conquers
Other Major Coins The SHIB token has exceeded cryptocurrencies like
Chainlink, Avalanche, Litecoin, and UniSwap. Its double-digit
increase within the last four days has assisted the nearly
obliterated altcoins in arriving at the headlines again. During
these few days of price rallying, the meme coin has successfully
erased one zero from its price after over four months of price
dormancy. Featured Image From Pexels and Charts From
TradingView.Com
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