Shiba Inu SHIB/USD is in the top 10 most valuable cryptocurrencies, with investor sentiment and whale movements suggesting a further rally.
What Happened: Shiba Inu is up 50.3% Monday, taking its weekly gains to 238.8%.
This jump has brought the meme coin back into the top 10, with its market cap of $19.6 billion close to that of Dogecoin DOGE/USD at $25 billion.
Notably, the "Dogecoin killer" briefly surpassed its rival in 24-hour trading volume: Shiba Inu recorded $7.82 billion, compared to Dogecoin's $6.42 billion per CoinMarketCap data.
Why It Matters: U Today reported IntoTheBlock data that the "Holding Time of Transacted Coins" has risen to two years since Feb. 26.
Put simply, SHIB is on average held for two years before being transacted or traded, indicating improving investor sentiment.
Binance reported Shiba Inu as the second most top trending query on Binance after BNB and ahead of Pepe and Bitcoin.
On Mar.2, Whale Alert data highlighted the movement of 3 trillion SHIB tokens, worth around $50 million, between two unknown wallets. The receiving address was a Robinhood address.
In the past ten hours, three burn transactions of 31.8 million, 10.3 million and 10 million each were recorded by Shibburn data.
What’s Next: The Block reported, citing a QCP Capital report, that “memecoins are rallying hard as retail FOMO really kicks in now." The report also points to surging activity from leveraged buyers.
Shytoshi Kusama, lead developer of Shiba tweeted:
The tweet also points out that the community is looking at upscale partnerships to maximize value to investors.
IntoTheBlock data indicates that 76% of Shiba Inu investors are currently making profits, while 16% remain out of profit and 8% are at breakeven.
Recently, Shiba Inu managed to erase one zero from its price, and the crypto community is abuzz with speculation if the next zero will be erased within a shorter span of time than the prior one.
Read Next: A Shiba Inu Whale Just Bought 551 Billion SHIB: Last Time They Did That, SHIB Pumped 1,100%
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
