With a significant 15% gain in value over the weekend, the Shiba Inu coin displayed its teeth. Shiba Inu is making a name for itself in the financial industry and is not just another cryptocurrency vying for attention.
— 🌪️ Soinx.eth (@0xSoinx) January 18, 2023
Does this coin have the possibility to emerge stronger in a down market, or is the recent spike in price just hype?
After leaving a phase of consolidation on Friday afternoon, Shiba Inu launched a quick rally. According to data from cryptocurrency market tracker Coingecko, the meme coin was trading at $0.0000097 at the time of writing, up 9.2% in the previous 24 hours.
The train is leaving the station.#Platinum has decisively broken out from a 2-year resistance, after closing at the highs of the week.
This reflects the building strength of the precious metals.#Gold is in a short-term consolidation phase before breaking out to all-time highs pic.twitter.com/rpxj0XD2ZS
— Stuart A. Brown (@StuOnGold) April 22, 2023
The stunning 15.1% rise recorded over the course of seven days was the high point of SHIB’s steady upward trend. The 24-hour volume of the coin increased by 236% to $683 million as of the last check. Additionally, its market value rose by 12.3% to $5.81 billion.
Price Boost From Binance ‘Loans’
The milestone of $0.000095 was attained by SHIB for the first time since May of this year. The price of the meme money surged after Binance revealed that it was a recognized collateral asset for loans on the exchange.
Shib🐶 End of year 2023 update will it hit $0.01 by Grandmaster_Oz
After the rally due to the recent announcement that of a possible Price Boost From Binance ‘Loans’A lot has changed thi…https://t.co/rTNBxw1dxp#SHIBUSDT $BTC $ETH #BTC #ETH #TRADING #CRYPTO pic.twitter.com/xfhnx6DgDc
— JPEG Tribe | Trading Ideas (@jpegtribe) August 7, 2023
As a result of this development, holders will be able to deposit SHIB as collateral to obtain “Flexible Loans” on Binance. Additionally, it is believed that the action will boost the coin’s importance beyond its meme roots, increase its value, and restore investor interest.
This development serves as a stark reminder of the volatile nature of the cryptocurrency market, where the intersection of social media trends, technological development, and institutional acceptance can propel meme coins like SHIB to achieve noteworthy goals and pique the interest of both cryptocurrency enthusiasts and members of the mainstream financial community.
Shiba Inu: Strong Social Engagement
Shiba Inu recently completed a noteworthy feat, which social analytics tool LunarCrush highlighted. According to a tweet from the social analytics website LunarCrush, Shiba Inu has the most overall social and market activity when compared to the entire crypto market.
Hey $SHIB Family can we all help Cheggy 🐼 to reach more people with her post.
She has been die hard #SHIBARMY always pushing for listings in Japan. 🇯🇵
She is truly Shib Army Strong. 💪 https://t.co/LTNLUsfITt
— Shib Dream * Shiba Inu News * Shib Army Social 💎 (@theshibdream) August 7, 2023
The increasing market significance of Shiba Inus makes this achievement stand out. It not only rules the market but also greatly stands out in terms of its social engagement.
SHIB in particular has outperformed 4,481 additional coins to take the top spot on AltRank. The cryptocurrency has seen an explosion of activity over the last day, racking up an astounding 200,365,743 social contacts.