Gushiken Yona
Shiba Inu is once again rewriting the narrative in the cryptocurrency sphere. In a stunning development, it has surged onto the scene, inundating leading cryptocurrency exchange platforms with a staggering influx of nearly 7 trillion SHIB tokens within just one day.
Leading crypto exchange platforms Binance, Coinbase, Robinhood, Cumberland and Wintermute found themselves swept up in an avalanche of 6.84 trillion SHIB tokens, translating to approximately $227 million, flooding their exchange platforms, data from on-chain analytics platform Arkham Intelligence shows.
| Coinbase wallet (0xA9D) | 2,473,908,364,567.84 | $82.10 |
| Coinbase Deposit (0x591) | 1,230,868,078,643.68 | $40.69 |
| Binance hot wallet (0x21a) | 954,055,992,365.34 | $32.65 |
| Binance hot wallet(0x28C) | 803,096,240,018.79 | $26.75 |
| Robinhood (0x2eF) | 646,831,109,066 | $21.38 |
| Cumberland DRW (Oxad6) | 388,726,332,938.92 | $13.06 |
| Wintermute (OxDBF) | 344,089,585,950 | $11.17 |
| TOTAL | 6,841,575,703,550.57 SHIB | $227.80 million |
At 5:23 a.m. ET on Wednesday, SHIB was seen trading at $0.000033, boasting a 24-hour trading volume of $1,607,877,493. Shiba Inu rose 2.35% in the past day, firmly securing its position as the 11th top cryptocurrency, according to CoinMarketCap rankings. The native token of Shiba Inu commands a substantial market capitalization of $19,432,546,077, with a circulating supply of 589,289,410,812,691 SHIB tokens.
When a large volume of a cryptocurrency floods various crypto exchange platforms, it often indicates heightened trading activity and interest in that asset within the broader cryptocurrency market. While such a surge can lead to increased price volatility, it also indicates healthy market liquidity, facilitating easier buying and selling.
SHIB’s recent impressive performance has garnered widespread attention, notably from mainstream media, as the once-underestimated altcoin, surged nearly 280% in the past 30 days.
Forbes recognized SHIB’s momentum by including it in their Top 10 Cryptocurrencies of March, showcasing its outperformance against heavyweights like Bitcoin and Ethereum. With SHIB currently boasting a year-to-date increase of 211.35%, significantly surpassing Bitcoin’s YTD gain, it’s evident that Shiba Inu has captured the spotlight in the crypto world.
Shiba Inu’s triple-digit year-to-date gains underscore its growing influence and potential within the crypto landscape, solidifying its position as a noteworthy player in the ever-evolving digital asset space.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
