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,
Screenshot from what happened when DOGE had siphoned of all the volume from alts during its run earlier and it retraced after hitting its first pit stop at $0.45.
— Hsaka (@HsakaTrades) October 7, 2021
Expecting something similar with SHIB.
s/o @cryptoalle pic.twitter.com/SUv1YOkqAB
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
