Shiba Inu: More Bite Than Bark Over The Weekend With Over 15% Jump
06 Agosto 2023 - 7:47AM
NEWSBTC
This weekend, Shiba Inu is experiencing an extended upward
traction, with the dog-themed meme coin sharply rising since late
Friday. Shiba Inu made a sharp rally after exiting a phase of
consolidation on Friday afternoon. At the time of writing, the meme
coin was trading at $0.0000097, up 9.2% in the last 24 hours, data
from crypto market tracker Coingecko shows. The highlight of SHIB’s
solid upward trajectory was in the seven-day timeframe, registering
an impressive 15.1% rally. At last check, the coin’s 24-hour volume
climbed 236% to $683 million. Its market cap also increased by
12.3% to $5.81 billion. Related Reading: Bone ShibaSwap Among
Weekend 100 Biggest Hitters With 25% Rally Source: Coingecko Price
Boost From Binance ‘Loans’ SHIB reached the milestone of $0.000095
for the first time since May of this year. After Binance
disclosed that the meme currency was a recognized collateral
asset for loans on the exchange, the price increased. Holders will
be able to deposit SHIB as collateral to get “Flexible Loans” on
Binance as a result of this development. Additionally, the action
is thought to give the coin more credibility than its meme roots
and cause a jump in its value, reviving investor interest. This
development highlights the dynamic nature of the
cryptocurrency market, where the intersection of social media
trends, technological advancement, and institutional acceptance can
drive meme coins like SHIB to achieve notable objectives and draw
interest from both crypto supporters and the mainstream financial
community. SHIB market cap currently at $5.8 billion on the weekly
chart: TradingView.com Ahead of the debut of Shiba Inu’s blockchain
initiative Shibarium, enthusiasm toward cryptocurrencies has also
strengthened in recent days. Shibarium is expected to offer an
alternative to the Ethereum blockchain, according to developers. It
is anticipated to be more rapid more energy-efficient, and reduce
total supply through burns. Shiba Inu: Strong Social Engagement
Shiba Inu just made a significant achievement, which social
analytics platform LunarCrush highlighted. Shiba Inu has the
highest total social and market activity when compared to the whole
crypto market, according to a tweet from the social analytics site
LunarCrush. 👀🚀With leading combined social + market activity vs.
the entire crypto market, Shiba Inu has hit the #1 LunarCrush
AltRank™! 24-hour activity Price +12.22% to $0.000009853 Social
engagements 200,365,743https://t.co/94gyL5ebDg$shib #shibainu
pic.twitter.com/H0FGLSx8Um — LunarCrush (@LunarCrush) August 5,
2023 This accomplishment stands out because of Shiba Inu’s
improving market influence. In addition to dominating the market,
it also stands out significantly in terms of its social engagement.
Related Reading: XRP Performance Woes: How Might Its Price Respond
To Current Market Realities? In particular, SHIB has surpassed
4,481 other coins to claim the top rank on AltRank. The crypto has
experienced a flurry of activity during the past 24 hours, logging
a staggering 200,365,743 social interactions. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from K9 of Mine
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