Gushiken Yona
In a week marked by cautious market sentiment and sideways trading for many cryptocurrencies, Shiba Inu has emerged as a beacon of bullish defiance, soaring 50.2% on the popular trading platform Robinhood and leaving other digital assets in the dust.
The dog-themed altcoin, often dismissed by skeptics as a fleeting fad, has captured the attention of investors and analysts alike with its remarkable surge in value, solidifying its position as a force to be reckoned with in the ever-evolving cryptocurrency landscape.
Shiba Inu’s recent price action on Robinhood has been nothing short of spectacular. While other cryptocurrencies struggled to find direction, Shiba Inu defied the prevailing trend, experiencing a meteoric rise that has left many investors in awe.
As of Friday, Shiba Inu boasted a 50.2% surge in value over the past week on Robinhood, a testament to its growing popularity and the increasing confidence in its potential among the platform’s users. The report, which tracks the percentage gains of various cryptocurrencies listed on the platform, places Shiba Inu at the very top, with a staggering 50.2% increase in value over the past week.
This impressive performance dwarfs the gains of other prominent cryptocurrencies, including Dogecoin (20.8%), Compound (12.7%), and Avalanche (11.6%). Shiba Inu’s 50.2% surge stands in stark contrast to the relatively modest gains of other tokens on Robinhood’s list.
Uniswap (UNI), for example, experienced an 11.5% increase, while Tezos (XTZ) saw a 11.0% rise. Even established cryptocurrencies like Ethereum Classic (ETC) and Litecoin (LTC) recorded gains of only 10.3% and 8.0%, respectively.
Robinhood’s decision to list Shiba Inu in April 2022, after months of community pressure, proved to be a pivotal moment for the token’s journey towards mainstream adoption. The platform’s user-friendly interface and accessibility to retail investors provided a significant boost to Shiba Inu’s visibility and trading volume.
At 10:24 p.m. ET on Friday, Shiba Inu was trading at $0.00002089, reflecting a remarkable surge in value that had captured the attention of seasoned traders and newcomers alike. The 24-hour trading volume for Shiba Inu swelled by 5.58% to reach $1.41 billion, underscoring the heightened interest and trading activity surrounding the token.
This surge in volume translated into an impressive 11.19% spike in Shiba Inu’s price for the day, a clear indication that buyers were firmly in control and eager to accumulate more SHIB tokens. Zooming out to a wider timeframe reveals an even more compelling narrative of Shiba Inu’s dominance.
Over the past seven days, the token’s price had skyrocketed by a staggering 47.11%, leaving many investors in awe of its rapid ascent. Expanding the timeframe further reveals a truly remarkable story of growth. In the past 30 days, Shiba Inu’s price had experienced an unprecedented surge of 49.87%, a testament to its resilience and ability to defy market trends.
Data from CoinMarketCap revealed that Shiba Inu’s market capitalization, a measure of its overall value, had surged by an impressive 11.09% to reach $12.31 billion. This increase in market cap reflected the growing belief in Shiba Inu’s long-term potential and its ability to sustain its impressive growth trajectory.
The data suggests that investors are not just riding a short-term wave of hype but are increasingly viewing Shiba Inu as a legitimate and potentially valuable asset in the long run. The circulating supply of Shiba Inu tokens stood at a vast 589.27 trillion SHIB, a testament to the sheer scale of the Shiba Inu ecosystem. This massive supply, combined with the token’s relatively low price, makes it accessible to a wide range of investors, contributing to its widespread popularity and growing community.
Read More
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- Shiba Inu Claims Supremacy: Crypto Education Platform Founder Crowns SHIB ‘Bull of the Week’
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.
