SHIB Rises By 22% As $1.5B Enters Meme Coin’s Market Cap
After witnessing a major drop in 2022, interest in SHIB is increasing again. The token has recorded high capital inflow which has pushed it to the 12th largest crypto by market capitalization.
SHIB has now displaced AVAX which was formerly at the 12th position. SHIB’s comeback has corresponded with broader advances in the cryptocurrency market, which have been fuelled by major assets like Bitcoin and Ethereum.
Shiba Inu’s Market Cap Adds $1.53 Billion
On the 14th of August, the token’s market valuation entered $8.49 billion. As per CoinMarketCap, it gained over $1.53 billion in the past 24 hours.
Meanwhile, the capital inflow was reflected in the currency’s trading price. As of the time of writing, it increased by over 22% in the past 24 hours to over $0.0000156.
Importantly, SHIB exhibited indications of recovery beginning in July after a sluggish first part of 2022. The increases were consistent with the general market which has been increasing.
In the past, major assets such as BTC have been recognized to set patterns that altcoins imitate. Bitcoin crossed the $25,000 barrier for the first time on August 14, impacting the general market.
Although Shiba Inu’s profits depend partially on the overall market, it is important to note that network activity has given the currency a comparative advantage.
The developers have concentrated on launching further token burns to foster adoption. ShibaSwap’s debut in 2021 was also considered a major factor pushing the price of SHIB in the next months.
Interest In Shiba Inu Is Increasing
Furthermore, due to the recent market crash, it appears that most investors have lost their appeal for meme coins. Google Trends has released a report showing the lack of interest in meme coins following the hype last year.
According to Google Trend, the search for the term “Shiba Inu” dropped during July. Although the price of the meme coin has dropped significantly compared to last year, the number of transactions has not reduced.
According to Finbold, the coin’s transactions for July increased by 34% to over 211,833. This is higher than the value of 157,889 in June.
Also, SHIB and other meme tokens gave early investors the notion of huge profits. This made several investors keep buying despite the market crash.
According to Finbold, Shiba Inu added about 20,000 new users between June and July. This shows that interest in the meme coin is returning.
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