- Shiba Inu (SHIB) achieves a market capitalization of over $4 billion, surpassing Avalanche (AVAX) and exhibiting resilience in the face of market volatility.
- Despite the current market downturn, Shiba Inu maintains steady growth, attracting interest from both prominent figures and an expanding community of holders.
Shiba Inu (SHIB) continues to make waves in the cryptocurrency market as it surpasses a $4 billion market capitalization, signaling its resilience and growing popularity. This milestone places SHIB ahead of its long-standing competitor, Avalanche (AVAX), as reported by The Crypto Basic.
The current price of one SHIB coin stands at $0.00000714, with a slight increase of 0.10277% in the last hour. However, it experienced a 0.70724% decrease in the past 24 hours, according to data from Burn SHIB, a community-based tracking Twitter account.
Despite the broader crypto market facing downward pressure, Shiba Inu has demonstrated remarkable growth with a cumulative seven-day increase of over 5%, according to CoinMarketCap.
The resilience and performance of Shiba Inu have garnered attention, even from notable political figures such as Shannon Bray, a US gubernatorial candidate. Bray expressed admiration for the price surge of Shiba Inu and encouraged the community to sustain its momentum.
Impressively, Shiba Inu has gained 1,905 new holders in just one day, bringing the total number of SHIB holders to an impressive 2,348,697. The expanding community, known as the #ShibArmy, highlights the token’s rising popularity as the development team unveils new utilities.
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On-chain analytics provided by IntoTheBlock reveal intriguing insights about Shiba Inu. The data indicates a high concentration of large holders at 79%, suggesting significant interest from major investors. Furthermore, the composition of holders based on time held demonstrates long-term commitment, with 69% holding for over a year.
In the past seven days, transactions exceeding $100K have reached a substantial amount of $113.5 million, indicating significant trading activity surrounding Shiba Inu. Additionally, the token exhibits a price correlation of 0.78 with Bitcoin, showcasing its alignment with the broader crypto market’s dominant player.
With its market cap surpassing $4 billion, Shiba Inu aims to solidify its position in the crypto market and potentially leave another zero behind as it continues to pursue further success.
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