The price of Shiba Inu (SHIB) has ascended more than 27% in 24 hours, pursuing a bullish direction that has encompassed the digital currency market. Quite, a few altcoins have done remarkably well by two digits this period.
Nonetheless, Shiba Inu is standing out on a crucial metric that underlines investors’ interest in the project. Unequivocally, the trading volume for Shiba Inu has soared to around $1.5 billion in 24 hours.
Shiba Inu’s figures top that of other altcoins, particularly a small bunch that have a higher market capitalization. For example, 8th placed Cardano has $1.38 billion, and Chainlink (ranked 12th) has $1.33 billion. In the meantime, a lot more established coin like Litecoin (ranked 19th) has around $1 billion.
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The higher trading volume of Shiba Inu recommends that investors are definitely keen on benefitting from the altcoin and capitalizing on expanded market volatility. It is likewise significant to note that Shiba Inu’s higher trading volume isn’t surprising.
The cryptocurrency boasts over 1.38 million holders, undeniably more than other cryptocurrencies. Chainlink, for example, has around 720,000 holders notwithstanding having been in the market for a long time.
$8 Billion Market Cap Broken
Shiba Inu’s new price surge has seen it break over the $8 billion market cap, its highest level since May 2023. For setting, the most recent achievement implies that Shiba Inu has now multiplied its market cap from its lows in November.
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Investors will stay confident that the cryptocurrency will keep up with its current energy, floated by other key developments in the Shiba Inu ecosystem, for example, the expanded utilization of the Shibarium network for smart contracts. The project is likewise adding new partners to drive the adoption of its offerings.
One way or another, Shiba Inu has a huge ground to make up in the event that it will arrive at its past all-time high. Its ongoing price of $0.00001372 implies that Shiba Inu is still around 84% of its 2021 highs.