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According to CoinMarketCap data, Shiba Inu (SHIB) is currently outpacing Tron (TRX) in terms of market capitalization. With a present market valuation of US$6.66 billion, Shiba Inu now ranks as the 15th largest cryptocurrency, just ahead of Tron's market cap of US$6.33 billion. Shiba Inu gained traction recently following positive inflows into its ecosystem. In positive news, Shiba Inu announced its collaboration with world-class visualization studio The Third Floor (TTF) for the design and construction of its SHIB.io the Metaverse Project.
TTF is the biggest visualization company, helping to create well-known IPs for video games, VR/AR, and location-based entertainment. The community is also expectant regarding incoming announcements for the Shiba Inu ecosystem. On July 20, the Shiba Inu team posted a teaser video on its official Twitter handle, depicting a cloudy rainstorm. According to WhaleStats, Shiba Inu is facing buying pressure from whales, ranking among the top 10 most purchased tokens among the 2,000 biggest ETH whales in the last 24 hours.
SHIB has outperformed many potential cryptos in the market. Meme-coin has made a massive comeback with immense growth from investors. SHIB, BONE, and LEASH coins from the Shiba Inu ecosystem have observed a spike in the demand in the last few days. SHIB is receiving an over-the-top response from interested investors. Shiba Inu's listing on CoinBase global's crypto exchange has pumped the coin and brought new investors to the SHIB ecosystem.
SHIB tokens were called the 'dogecoin killer' in the crypto circle. Fortunately, cryptocurrency has proved to be so in recent months. SHIB is seen as an attractive option for many experienced traders and crypto professionals. Some of the advantages of the digital token are listed as follows.
One of the Cheapest Cryptocurrencies: At the time of writing, Shiba Inu's price was at 0.002961. Compared to other top cryptocurrencies that cost a fortune, SHIB tokens are very cheap and user-friendly. If investors add SHIB tokens to their wallets, they can evidently reap big benefits even if the cryptocurrency reaches a US$1 value.
It is at Medium Asset Now: SHIB must've started from small assets and thrived, survived, succeeded, and broke out from the zone to reach medium. Therefore, it shows the potential of cryptocurrency.
SHIB has Extensive Trading Volume: Trading volume determines if the digital token is going to be a success or not in the future. On its debut day, SHIB recorded a steady volume of US$1,604,789 compared to other cryptos that record 10s and 100s.
The meme-coins have been coming to light since last year, thanks to Elon Musk's Twitter feed. Although it was dogecoin that made it to the headlines now and then, Shiba Inu has finally had its time to outshine its competitor. Its ShibaSwap decentralized exchange makes it part of the decentralized financial ecosystem on Ethereum and allows its users to get certain functionalities like swapping tokens, staking, and fainting yield, which is not allowed in dogecoin.
SHIB tokens have no escape from the bullish market. They had their fair share of volatility since inception. In May 2020, the digital token reached its record price at US$0.00003641 before falling victim to the bearish trend. However, in a long run, the SHIB token has registered a 40,500,000% gain in the past year. This represents the market trend and Shiba Inu's potential to change things upside down. Besides all this, experts predict that SHIB will join the top 10 cryptocurrencies list in the coming days.
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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.
