Shiba Inu Outperforms Major Cryptocurrencies, Grayscale Data Reveals

Shiba Inu once again defies expectations and making headlines. This time, it’s not just the enthusiastic “ShibArmy” celebrating its triumphs, but a leading digital asset management firm, Grayscale Investments, whose data reveals Shiba Inu’s remarkable outperformance of major cryptocurrencies over the past week.

Grayscale’s “Crypto Snapshot – Assets” report, dated September 26, 2024, showed a vivid picture of SHIB’s dominance. The report, which tracks the one-week returns of the top 10 crypto assets by market capitalization, placed Shiba Inu at the very top, with a staggering 32.1% surge in value.

This impressive performance dwarfs the gains of other prominent cryptocurrencies, including established giants like Bitcoin and Ethereum. SHIB’s 32.1% weekly gain stands in stark contrast to the relatively modest returns of other tokens on Grayscale’s list.

Cardano, for example, experienced a 14.5% increase, while Dogecoin, another popular meme coin, saw a 12.4% rise. Solana, Ethereum, and Binance Coin recorded gains of 9%, 6.7%, and 5.5%, respectively. Even Bitcoin, the world’s largest cryptocurrency by market capitalization, managed only a 3.4% increase.

The report also offered insights into the year-to-date performance of these crypto assets. Interestingly, while Shiba Inu has delivered an impressive 80.6% return year-to-date, other tokens like Cardano and XRP have experienced negative returns. This underlined SHIB’s ability to not only outperform its peers in the short term but also deliver strong returns over a longer timeframe.

Several factors contributed to SHIB’s remarkable ascent. Increased whale activity, large-scale purchases by deep-pocketed investors injected significant liquidity into the market, propelling the price upwards. Furthermore, the unwavering support of the “ShibArmy,” the passionate community of Shiba Inu investors, has played a crucial role in fueling the token’s growth through social media engagement and unwavering enthusiasm.

Shiba Inu’s inclusion in Grayscale’s report, alongside established cryptocurrencies like Bitcoin and Ethereum, further highlighted its growing legitimacy within the digital asset space. The report’s focus on market capitalization highlights Shiba Inu’s significant market presence, with a market cap of $12.4 billion, placing it among the top 10 cryptocurrencies globally.

As Shiba Inu continues to defy expectations and gain recognition from leading institutions like Grayscale, the question on everyone’s mind is: what does the future hold for this dog-themed phenomenon? Will the bullish momentum continue, propelling SHIB to even greater heights? Or will the market’s inherent volatility eventually dampen its ascent?

Shiba Inu continued its impressive run, surging by 13.61% on Friday to reach $0.00002138. This marked a remarkable 49.84% increase over the past week and a staggering 52.91% gain in the last month. Trading volume for SHIB also jumped by 6.63% to $1.44 billion during the same period.

As a result of this rally, SHIB’s market capitalization climbed 12.96% to $12.6 billion. With a circulating supply of 589.27 trillion SHIB tokens, the meme coin’s momentum shows no signs of slowing down, data from CoinMarketCap showed.

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.

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