Shiba Inu Shakes Up Crypto Market, Surpasses Bitcoin and Ethereum in Gains

Shiba Inu, the popular memecoin is proving that it’s no joke, outperforming both Bitcoin and Ethereum in a remarkable display of one-week and year-to-date market gains.

A recent report by Grayscale Investments, an American digital currency asset management company, analyzed the top 10 crypto assets by market capitalization and revealed that Shiba Inu experienced a remarkable 136% surge in value over the past week. This performance dwarfed the 11.2% and 9.5% gains seen by Bitcoin (BTC) and Ethereum (ETH), the top 2 crypto assets in the world by market capitalization, respectively.

The Tail-Wagging Why: During the week of July 7-17, 2024, Shiba Inu’s value skyrocketed by a staggering 136%, leaving Bitcoin and Ethereum in the dust with their respective 11.2% and 9.5% gains. This surge catapulted SHIB’s market cap to $11.3 billion, a testament to its growing influence and investor interest.

Beyond the Bark: But, it doesnt stop there. Data from grayscale Investments highlighted that Shiba Inu also outperformed bitcoin and Ethereum in year-to-date return. As of July 17, 2024, SHIB boasts a remarkable 80.2% YTD increase, significantly surpassing BTC’s 52% and ETH’s 48.8% gains during the same period. Notably, SHIB’s YTD performance is the second-highest among the top 10 crypto assets by market capitalization, only trailing behind Solana (SOL) with its 537% YTD return. This further underlined SHIB’s exceptional growth trajectory in 2024.

Sniffing Out the Numbers: While BTC and ETH remain dominant in terms of market capitalization, SHIB’s remarkable YTD performance challenged the traditional hierarchy of the crypto market. It highlighted the increasing influence of meme coins and community-driven projects, demonstrating the potential for significant gains even in assets that were initially considered more speculative.

Grayscale’s report underscores the importance of diversification and staying informed about market trends. The standout performance of Shiba Inu serves as a reminder of the potential opportunities within the cryptocurrency market, encouraging investors to look beyond traditional assets and consider the dynamic and evolving landscape of digital currencies.

Price Action: Shiba Inu (SHIB) continues its upward momentum, trading at $0.00001787 as of 6:50 a.m. ET on Sunday, with a notable 24-hour trading volume of over $407 million. The meme coin has surged 0.42% within the day, contributing to a 2.85% increase in value over the past week. Despite a slight dip of 0.50% in the last 30 days, SHIB’s overall trajectory remains positive.

According to CoinMarketCap data, SHIB’s circulating supply stands at a staggering 589,270,679,726,919 tokens, with a market capitalization that has also seen a 0.45% bump, reaching $10.5 billion. This impressive performance further solidifies Shiba Inu’s position as a major player in the cryptocurrency market, defying its origins as a meme coin and attracting serious attention from investors.

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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