Shiba Inu Climbs Up Rankings to Top 10 Coins amidst 138% Weekly Price Growth

UTC by Benjamin Godfrey · 3 min read
Shiba Inu Climbs Up Rankings to Top 10 Coins amidst 138% Weekly Price Growth
Photo: Depositphotos

At its current capitalization, Shiba Inu is now more valuable than Robinhood Markets Inc the market cap of which is pegged at $30.32 billion.

Meme coin and self-proclaimed Dogecoin (DOGE) killer, Shiba Inu (SHIB) has climbed up the rankings on CoinMarketCap and is now the 10th largest cryptocurrency by market capitalization. Shiba Inu, inspired by the Shiba Inu breed of dog upon which Dogecoin was also created, has seen the influx of new money in the past week, culminating in growth of 138.31% in the week-to-date period.

Shiba Inu has grown so much in popularity this year with its impressive price runs. While the buyup of the meme coin is being driven more by retail investors who wish to catch the massive gains that are attributed to meme coins, addresses labeled as ‘smart money’ by the blockchain data firm Nansen have also been accumulating the Ethereum-based token.

“The focus on the cryptoverse was supposed to be on Ethereum 2.0 and a steady wave of [b]itcoin ETF investments, but the retail market has become fixated on shiba inu,” Edward Moya, senior markets analyst at the foreign-exchange brokerage Oanda, wrote Wednesday in a daily email update.

Smart Money addresses as highlighted by Coindesk include traders who made more than $100,000 in profit by providing liquidity and mining liquidity in decentralized finance (DeFi) protocols and public entities that invest in crypto. According to Nansen, as much as $160 million from these niche addresses have accumulated Shiba Inu in the past week.

The popularity of the token is also being resounded by Chinese market interest, as shown by Google Trends, a metric for gauging the popularity of certain topics per region.

The data showed that searches for SHIB, the meme coin’s ticker is pegged at 98, just two points shy of the United States which is at 100. Invariably, Shiba Inu is very popular in the two largest economies in the world. This accounts in part for the ongoing accumulation and provides context for more buyups that we may see in the near future when those showing interest in the token decide to buy up.

Shiba Inu Rankings and Growing Market Capitalization

At the time of writing, Shiba Inu is changing hands at $0.00006685, atop a 21.89% growth in the past 24 hours. The meme coin currently has a market capitalization of $38,880,129,849. At one point yesterday, Shiba Inu was ranked higher than Dogecoin, however, an overnight rally in Elon Musk’s favorite coin pushed it further ahead of Shiba Inu.

At its current capitalization, Shiba Inu is now more valuable than Robinhood Markets Inc (NASDAQ: HOOD) whose market cap is pegged at $30.32 billion. Besides, the token is also more valuable than European investment banking giants Societe Generale SA (EPA: GLE) at $28 billion and Deutsche Bank AG (ETR: DBK) with a $26 billion market cap.

As Shiba Inu continues on its wild ride to new heights, a potential listing on Robinhood as the token’s community has been clamoring for through petition to the trading platform may further push the digital token to new price levels.

Altcoin News, Cryptocurrency news, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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