Shiba Inu outranks AVAX and Chainlink as SHIB becomes the 12th largest crypto by market cap


  • Shiba Inu has posted nearly 367% in weekly gains, beating cryptocurrencies like UNI, AVAX, LINK and LTC. 
  • The jump in SHIB price comes at a time when the token’s ecosystem has 10,000 NFTs, Shiboshis launch lined up. 
  • Shytoshi Kusama has revealed that SHIB is ready to enter the crypto gaming universe with the launch of Shiboshis. 

Shiba Inu is ready to overtake Dogecoin with its rapid growth in market capitalization. The memecoin is currently the most traded cryptocurrency on Binance, Coinbase and Huobi. 

Shiba Inu ranks 12th among cryptocurrencies, beats Ethereum-killers and Chainlink

Shiba Inu, a memecoin created anonymously by Ryoshi in August 2020, is now trending as the most traded cryptocurrency across top exchanges. The three tokens SHIB, BONE and LEASH from Shiba Inu’s ecosystem have observed a spike in demand over the past two weeks. 

The launch of Shiba Inu’s decentralized exchange platform ShibaSwap and implementation of the “burn mechanism” triggered a rally in the memecoin’s price. The memecoin currently ranks 12th in market capitalization on CoinGecko, the world’s largest independent crypto data aggregator. 

Several developments in the SHIB ecosystem have contributed to the ongoing rally. The key factors are the implementation of the burn mechanism, the announcement of the launch of 10,000 Shiboshis on ShibaSwap and the rise in the number of token holders. 

Analysts have compared SHIB's ongoing rally to DOGE's run to its all-time high. @HsakaTrades, a pseudonymous cryptocurrency analyst, recently tweeted, 

As Shiba Inu prepares to venture into gaming, holders are expecting a boost in its demand. To begin with, SHIB was facing two key challenges – a lack of liquidity and a lack of ecosystem updates. 

With its recent listing on Coinbase, SHIB has overcome the challenge of liquidity to a large extent, seeing how its daily trade volume exceeds $15 billion. 

SHIB has overtaken cryptocurrencies like Avalanche (AVAX), Chainlink (LINK), Uniswap (UNI) and Litecoin (LTC) with a market capitalization of $15 billion. 

FXStreet analysts have evaluated the token’s price trend and stated that SHIB has exceeded expectations with its rally. Analysts have set a target above $0.00003000. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano price hits rock bottom as ADA prepares for 40% breakout

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate different patterns and indicators that suggest ADA is primed to advance further.

More Cardano News

DeFi protocol Badger DAO loses $120 million in exploit, sending prices in a downward spiral

Badger DAO fell victim to the latest hack in the DeFi ecosystem. The protocol lost a total of $120.3 million in wrapped Bitcoin and Ethereum. 

More Cryptocurrencies News

Three reasons why Ethereum price is on the brink of breakout to new all-time high

Ethereum is inching closer to the “merge,” or the transition from “proof-of-work” to “proof-of-stake,” and developers have invited the community to contribute. Ethereum is closest to its previous all-time high, awaiting a trigger to break into a price tally. 

More Ethereum News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH outperforming its peers, BTC struggles and XRP bearish

The Bitcoin bull rally got stopped in its tracks this week after BTC price came under more pressure from the Omicron story, and the resulting market turmoil.  Ethereum price, however, came just $16 away from making a new record high, making gains in contrast to the other two majors. 

More Bitcoin News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP