Although Shiba Inu is considered to be a meme coin. The canine-based coin has left several coins behind in the market. Outperforming several potential cryptos in the space. The growth rate is astonishing for investors and traders. Yet it does seem realistic, considering the catalysts that are nurturing the coin’s growth.
SHIB Price to the Moon!
SHIB is running ahead in terms of market rankings. The coin at press time values at $0.00002989 with gains of ~32.4%. The market cap now is hovering around ~ $14 billion, which is up by over $6 billion since CoinPedia last reported. Which was just several hours ago. SHIB is now the 12th largest crypto by market cap at the press time.
The surge of SHIB is ~8000% in the last year and a 300% rally in a week. It is shy of just 18% to hit its ATH. Consecutively, netizens are hopeful that Shib will no longer be the “Doge Killer”. As going with the stats, it might possibly dethrone DOGE shortly.
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Traders Watch Out!
Shiba Inu has been receiving tremendous responses from enthusiasts. The coin’s debut on CoinBase global’s crypto exchange has pumped the coin significantly. Shib burn is acting as a major catalyst in its rally. $25,000 tokens burn has already taken place as of August 8th, 2021. Moreover, the Shib army is ever-growing, and the community is overwhelming. Shib hits 1 million followers on one of its public platforms. And it has crossed the milestone of 700,000 SHIB holders.
It is worth mentioning that Shiba Inu might rhyme the trend of Doge, if not follow. Hence, it is advisable to keep a keen eye on both coins. On the contrary, SHIB developers have a hawk’s eye, in keeping the supply under control. Which is directly proportional to the value of the coin.
Summing up, while still many are hesitant on SHIB owing to price swings. Hodler’s are aiming at the coin eliminating two more zeroes, which does seem a tad more optimistic. But it does seem possible from the current stats. However, it is advisable, to hold SHIB as an inflation hedge to the inflation-ridden economy we live in.
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Source: https://coinpedia.org/altcoin/shiba-inu-is-inching-closer-to-top-10-crypto-list/
