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TL;DR
- Shiba Inu experienced a substantial price increase, outperforming major cryptocurrencies and bringing profits to a majority of its holders (at least on paper).
- Its market cap rose notably, making it one of the top digital assets, but the token remains a risky investment due to its volatility.
Shiba Inu’s Massive Resurgence
The second-largest meme coin – Shiba Inu – was not among the best-performing cryptocurrencies last week when the market started booming. However, it quickly caught up with the gains recorded by Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and other digital assets and even outperformed them on a weekly scale.
SHIB currently trades at approximately $0.00002119 (per CoinGecko’s data), a 130% price increase for the past seven days.
Hitting a fresh 23-month high has benefited hundreds of thousands of Shiba Inu holders who have previously invested in the token. According to IntoTheBlock, more than 63% of those with exposure to the meme coin currently sit on paper profits. The trend was much different in September last year when around 90% of holders were underwater.
SHIB’s price explosion coincides with a considerable spike in some essential metrics related to the coin’s ecosystem. Aggregated daily volume (where each transaction exceeds $100,000) surpassed the $1 billion mark, whereas daily active addresses reached almost 30,000 (a 230% increase compared to the figure observed on March 2).
SHIB Climbs the Crypto Ladder
Shiba Inu’s market capitalization skyrocketed from approximately $6 billion on February 27 to $13.5 billion at the start of March. Currently, the figure hovers at the $12.5 billion level, making SHIB the 12th biggest cryptocurrency.
To reach the current spot, it surpassed leading altcoins, such as Bitcoin Cash (BCH), Polygon (MATIC), Polkadot (DOT), TRON (TRX), and more.
Despite the triple-digit price increase in a matter of days and the chance of making substantial profits, investing in Shiba Inu and meme coins remains dangerous due to the infamous volatility of the realm, meaning investors should be extra cautious when diving in.
Those willing to deeply explore the niche, find out which are the biggest tokens, and the risks associated with them could take a look at our dedicated video below:
This article first appeared at CryptoPotato
