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Shiba Inu (SHIB) currently has the largest dollar holding compared to the rest of 100 ETH whales.
In fact, CoinMarketCap has SHIB on their top 20 coins in the market cap category. Although SHIB seems to be gaining traction, this was quite the opposite a few days ago. Shiba Inu has suffered a major dip at only 216,260 transactions even though it has been listed by (HOOD) or Robinhood Markets Inc.
The total burn rate so far is at 31.71% or coming from the initial burned supply of 410,339,763,887,291 from SHIB’s total supply of 889.660.236, 112,708.
Suggested Reading | Bitcoin Carnage Continues As BTC Disintegrates To $34K
SHIB At No. 11
To everyone’s amazement, SHIB has also made it to CoinMarketCap’s coveted list at the 11th position. Basically SHIB is next to SOL which is currently in the 10th level and ahead of the APE on the 12th position.
Over the last 24 hours, Shiba Inu had a major price drop of 5.17% and a drop of 24.07% in the course of 30 days.
The current price of SHIB is now at $0.00001891 or roughly around 0.000000000545 BTC. More so, SHIB has a trading volume of $533,696,977 in a span of 24 hours. SHIB also has a current market cap of $10,385,504,641.
SHIB total market cap at $8.22 billion on the daily chart | Source: TradingView.com
Crypto Market Stronger Than Stock Market
The stock market is going strong but when you compare it to the crypto market, the gains of stocks would be minimal compared to the crypto space. Crypto has been going strong ever since the pandemic; going to as high as $1.6 trillion or a jump of 1,100%.
It’s not just the kings of crypto Bitcoin and Ethereum that are driving the crypto market value up but also Shiba Inu (SHIB) which have been attracting new investors into the crypto space. The meme coin SHIB were on fire especially in 2021.
Suggested Reading | APE Takes A Beating As It Sheds 50% Of Its Price
2021: SHIB’s Strongest Year
SHIB has an intra-year gain at a roaring 121,000%. The token can only be purchased for $0.000000000073 on January 1, 2021, and after 10 months, it climbed to a whopping $0.00008841. So, basically, if you invested $1 on January 1, 2021, you would have been a millionaire by October 27.
Shiba Inu is definitely an investable asset as we are witnessing it today. A yearly of 46,000,000% is just amazing, to begin with, and can lure in new investors.
Shiba Inu did not make it alone. Yes, the token had some help, especially from the market dynamics of crypto like derivatives and options or short-selling. More so, the token is popular on social media because Tesla CEO Elon Musk openly supports the token – and it has been a win-win setup for both.
Featured image from Pixabay, chart from TradingView.com
