The Shiba Inu coin showed its teeth over the weekend, with a solid 15% appreciation. Shiba Inu is making a name for itself in the financial world and is far from just another cryptocurrency begging for attention.
This currency’s recent rise has raised the question: does it have the potential to emerge stronger in a bear market – or is it just all noise?
Shiba Inu rallied sharply after exiting a consolidation phase on Friday afternoon. At the time of writing, the meme coin was trading at $0.0000097, up 9.2% over the past 24 hours, according to data from crypto market tracker Coingecko.
The pinnacle of SHIB’s solid upward trajectory was in the seven-day time frame and recorded an impressive 15.1% rally. At last check, the coin’s 24-hour volume was up 236% to $683 million. The market cap also rose 12.3% to $5.81 billion.
Source: Coingecko
Price increase of Binance ‘Loans’
SHIB reached the $0.000095 milestone for the first time since May this year. After Binance announced that the meme currency was recognized collateral for loans on the exchange, the price rose.
As a result of this development, holders can deposit SHIB as collateral to get “Flexible Loans” on Binance. In addition, the move is believed 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 advancements, and institutional adoption can propel meme coins like SHIB to achieve remarkable goals and generate interest among crypto adherents and the mainstream alike. 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 for cryptocurrencies has also strengthened in recent days.
Shibarium is expected to provide an alternative to the Ethereum blockchain, according to developers. It is expected to be faster, more energy efficient and reduce the overall supply from burns.
Shiba Inu: strong social commitment
Shiba Inu just made a major achievement, which the social analytics platform LunarCrush highlighted. Shiba Inu has the highest total social and market activity compared to the entire crypto market, according to a tweet from the social analytics site LunarCrush.
With leading combined social + market activity versus the entire crypto market, Shiba Inu has reached the #1 LunarCrush AltRank™!
24-hour activity
Price +12.22% to $0.000009853
Community involvement 200,365,743https://t.co/94gyL5ebDg$shib #Shiba Inu pic.twitter.com/H0FGLSx8Um— LunarCrush (@LunarCrush) August 5, 2023
This achievement is notable for the growing market influence of Shiba Inu. In addition to dominating the market, it also stands out significantly for its social commitment.
In particular, SHIB has surpassed 4,481 other coins to claim the highest rank on AltRank. The crypto has experienced a flurry of activity in the past 24 hours, with a whopping 200,365,743 social interactions.
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Featured image of K9 of Mine
