Gushiken Yona
Shiba Inu has experienced a meteoric rise in 2024, outperforming established giants like Bitcoin and Ethereum in both yearly and year-to-date (YTD) gains, according to a recent report from Grayscale Investments.
Data doesn’t lie and speaks volumes. Regardless of attempts to distort it, data consistently reveals the true performance and potential of an asset. And the data surrounding Shiba Inu is just impossible to ignore. While the project may have originated as a meme coin, it has now ascended to stand shoulder-to-shoulder with industry giants in the cryptocurrency landscape.
Despite lingering skepticism, a recent report from the American digital currency asset management company Grayscale unequivocally demonstrates that SHIB is a force to be reckoned with. The data reveals a compelling narrative of growth and adoption, challenging the notion that SHIB is simply a fleeting trend.
Shiba Inu has emerged as a formidable player in the crypto market. As of June 26, 2024, SHIB boasts a staggering 140.4% increase in value over the past year, dwarfing Bitcoin’s 105% and Ethereum’s 88.3% gains during the same period.
Furthermore, SHIB’s year-to-date performance has been nothing short of extraordinary. The cryptocurrency has surged by an astounding 68.2% since the beginning of 2024, leaving BTC and ETH trailing behind with 46.1% and 51% YTD gains, respectively.
The report also showed that Shiba Inu has the highest annualized volatility in the top 10 crypto assets by market capitalization. This means that its price has experienced the most significant fluctuations over the past year compared to the other cryptocurrencies listed. In simpler terms, its price has been the most unpredictable and prone to large swings, both upwards and downwards.
Shiba Inu’s high annualized volatility presents a double-edged sword for investors. While the potential for significant gains exists due to the large price swings, the unpredictable nature of the price carries a considerable risk of substantial losses.
This volatility stems from several factors, including its origin as a meme coin with price movements heavily influenced by social media trends and community sentiment. Additionally, speculative trading and the potential for market manipulation due to its relatively low market capitalization contribute to its erratic price behavior.
The Grayscale report paints a compelling picture of Shiba Inu’s recent performance in the cryptocurrency market. Its inclusion in the “Top 10 Crypto Assets by Market Capitalization” further solidifies its growing prominence and recognition. However, the report also underscores the inherent risks associated with Shiba Inu, particularly its high volatility, which can lead to substantial price swings.
Shiba Inu (SHIB) demonstrated resilience in the market, trading in the green at $0.00001731 as of 7:13 a.m. ET on Friday. Bolstered by a significant 18.31% surge in 24-hour trading volume, reaching $224,614,041, SHIB showcased its continued appeal to investors. The price action reflected a 1.10% increase for the day, a testament to the meme coin’s ability to rally amidst a volatile market. However, the broader picture reveals a 3.83% dip in value over the past week and a more substantial 32.07% plunge over the last 30 days.
CoinMarketCap data further indicated a circulating supply of 589,271,241,669,747 SHIB and a notable 1.02% increase in market capitalization, reaching $10,194,109,064. This suggests that despite recent fluctuations, investor confidence in SHIB’s long-term potential remains steadfast.
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.
