Shiba Inu, Meme Cryptocurrency Shifts to Top 20 Cryptocurrencies

Sep 22, 2023 | Market Data, Memecoin News, Shiba Inu Coin

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Shiba Inu, Meme Cryptocurrency Shifts to Top 20 Cryptocurrencies

Shiba Inu, Meme Cryptocurrency that has long been a topic of debate and scrutiny, has made a remarkable leap in the cryptocurrency rankings. It has now secured a position among the top 20 most valuable cryptocurrencies in terms of market capitalization, surpassing some well-established altcoins.

Market Capitalization

Shiba Inu’s market capitalization has surged to new heights, as of the present moment, the market capitalization of the SHIB token is more than $4.2 billion mark. This achievement is particularly noteworthy considering that Shiba Inu is categorized as a meme coin, a category often associated with high volatility and skepticism. Notably, Shiba Inu has overtaken several prominent cryptocurrencies in market cap rankings, including Avalanche, Chainlink, Bitcoin Cash, Stellar, and many more.

As of the time of writing, Shiba Inu holds the 17th position in Coinmarketcap’s cryptocurrency rankings, underscoring its growing influence in the crypto space.

Source – CoinMarketCap

Volume Growth

In addition to its burgeoning market capitalization, Shiba Inu has witnessed a substantial increase on 21-09-2023 at around 6:10 Am till 10:45 Am in trading volume but, after that the trading volume has decreased to 18.63%, totaling over more than $85 million in the last 24 hrs. This fluctuation in trading activity signifies Shiba’s interest from both traders and investors, despite its meme coin origins.

Source – CoinMarketCap

SHIB Token Price Update

While Shiba Inu’s ascent in market cap rankings is undoubtedly noteworthy, its price performance has been more modest. Recent fluctuations in the cryptocurrency market have contributed to a mixed price movement for the SHIB token. It has experienced both upward and downward price swings.

At the time of this report, the price of the Shiba Inu token stands at approximately $0.000007286, reflecting a marginal decrease of less than 1%. In the past seven days, the price has similarly decreased by 1.73%, while the monthly chart reveals a more substantial decline of over 10.74%.

Conclusion

Shiba Inu’s rise in the cryptocurrency rankings, particularly in terms of market capitalization, showcases its resilience and growing popularity within the crypto community. The fact that a meme coin like SHIB has surpassed many well-established digital assets is a testament to its growing influence. Moreover, the substantial increase in trading volume indicates that traders and investors are increasingly drawn to the SHIB token, despite its price volatility. As Shiba Inu continues to make headlines and attract attention, its journey in the world of cryptocurrencies promises to remain intriguing and closely watched. Coinmarketcap data reveals that Shiba Inu currently boasts an impressive trading volume of over $85 million, underlining the growing interest in this once-derided meme coin.

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