The cryptocurrency market cap stayed above the important level of $2.5 trillion last week. While Bitcoin, Ethereum and Binance Coin saw marginal gains last week, Shiba Inu climbed by more than 40% during the mentioned period.
Due to the latest spike, SHIB’s market cap has jumped above leading digital assets, including Chainlink (LINK), Litecoin (LTC) and Bitcoin Cash (BCH). Shiba Inu is now the 13th most valuable cryptocurrency asset in the world.
“Shiba Inu is +26% in the past 24 hours while the rest of the crypto markets are mostly flat. The young, the rising asset continues pumping eerily in tandem with moments of crowd negativity and doubtful commentary,” the crypto analytics platform, Santiment highlighted.
The overall market sentiment around SHIB has been positive since the start of 2021. The meme token remained the best-performing digital asset among the top 20 during the first 9 months of 2021. Retail interest is mainly driving the latest SHIB rally, but some leading institutional investors have started considering Shiba Inu as a good tool for portfolio diversification.
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Shiba Inu’s Record Growth
Yesterday, Shiba Inu touched the price level of $0.000044, which is its highest level on record. The meme coin started this year with a market cap of a few million dollars. Known as the ‘Dogecoin Killer’, SHIB was created in 2020. Shiba Inu’s market cap is getting closer to Dogecoin.
The growing popularity of social tokens has contributed a lot towards the overall growth of Shiba Inu in 2021. Several leading digital exchanges started listing social coins to meet the growing demand from customers. SHIB’s significant 40% jump in the last 7 days shows that the cryptocurrency has the potential to become the most valuable meme token in the world.
Earlier this month, Finance Magnates reported a surge in whale SHIB transactions. During the last week of September 2021, a prominent SHIB address bought more than $43 million worth of SHIB tokens.