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The whole cryptocurrency scenario is in a jeopardy and it is not one reason that is responsible for it. From global volatile markets to macroeconomic uncertainties, monetary policy tightening is reflecting upon the investors' confidence. The only crypto coin that is defying this downward trend is Shiba Inu. Shiba Inu is famous for its unique token which is inspired by a very special dog and has gained quite a popularity in a short period. The crypto market is struggling currently with the valuation diving below $880 billion on Tuesday. Major cryptocurrencies have taken a massive beating due to panic selling resulting in hefty losses for investors, exchanges, and others. But amid the chaos and pressure, Shiba Inu has emerged as a success story with returns of more than 31% in a year. The token has also outperformed the leader Bitcoin.
Shiba Inu is trading at $0.00001033 lower by 5.7% with a market cap of $6.09 billion. Unlike Bitcoin, Shiba Inu's dominance is of a fraction in the market to the tune of 0.662%%. But Shiba Inu is a new age stable coin and Bitcoin has stayed for more than a decade. As per the Coingecko data, in a month, Bitcoin has nosedived by over 30%, and the yearly decline is more than 42%. On the contrary, Shiba Inu has made a nearly 11% gain in a month and skyrocketed by at least 31.5% in a year. According to platform Coin98 Insights, in the last 24 hours, over $600 million traded volume for meme tokens with Shiba Inu witnessing massive demand. In Shib, about $332.6 million in traded volume was recorded followed by $273.6 million in Dogecoin and $6.5 million in Elon.
From today's reading of Coinmarketcap, Bitcoin has retouched its US$20k mark and it seems to be recovering with an upward surge of 0.16%. However, with the pace Shiba Inu is moving forward, it will soon compete with Bitcoin when it comes to becoming the best choice for investors.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
