SHIB currently has a market capitalization of over $11 billion.
The most trending coin in the last few days was Shiba Inu, (SHIB). Due to an increase in its retail value, the meme token has seen significant growth in 2021. SHIB’s whale transactions reached an all-time high.
Santiment, a leading crypto analytics firm, claims that SHIB whales move large amounts of the digital asset. According to the company, Shiba Inu’s whale transfer plays an important role in price action.
While Shiba Inu’s value is up to $0.00002885, the spotlight is now on Bitcoin and its near-inching at its new all time high. Keep an eye out for SHIB’s whale transactions exceeding 100k. These transactions are often in large numbers, and price rises follow,” Santiment noted on Twitter.
A leading SHIB whale account bought nearly $43 million worth SHIB coins last month. The price of the meme currency soared significantly after the purchase. SHIB’s value jumped more than 60% in just a few hours on 6 October 2021.
Shiba Inu’s Market Capital
Shiba Inu crossed the market cap of $11 billion on Wednesday. SHIB is the 19th most valuable cryptocurrency in the world. In terms of market cap, SHIB is just behind Bitcoin Cash. People consider SHIB as the biggest competitor of Dogecoin (DOGE). While the difference between the market cap of SHIB and DOGE is still significant, Shiba Inu’s recent growth indicates that the meme coin has the potential to overtake Dogecoin as the world’s most valuable social token.
Despite a small correction of 2% in the last seven days, SHIB is still more valuable than several digital currencies including Algorand (ALGO), Polygon (MATIC), Stellar (XLM) and Cosmos (ATOM). The cryptocurrency is now targeting the market cap of Litecoin (LTC), Chainlink (LINK), Avalanche (AVAX) and Terra (LUNA).
The difference between the market cap of DOGE and SHIB currently stands at around $20 billion.
