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Shiba Inu (SHIB) has intrigued the broader market today after surpassing Cardano (ADA) in market capitalization amid a 12.7% surge in the past 24 hours to $0.00002799. While this might seem like a major feat considering the earlier plan was just to displace Avalanche, SHIB metrics have proven it has more stunts to pull.
Arman ShirinyanAt the time of writing, the SHIB trading volume has jumped by more than 139% to $2,384,774,823 overnight. At this volume, a total of 8.3 trillion SHIB had been traded in the past 24 hours, setting the meme coin up for more growth ahead.
Shiba Inu has maintained relatively bearish growth for the better part of this month. After falling as low as $0.00002071 over the past month, the current growth is a major validation that investors' interest in Shiba Inu is not waning anytime soon. With the resurgence to its highest level since mid-April, Shiba Inu is now eyeing erasing one zero in the immediate future.
Some of the ecosystem fundamentals in the past few weeks that helped SHIB blow past its key rivals will also play a major role in determining how high it will go. With the consistency in Shiba Inu burning, the mildly growing supply crunch will always impact sentiments and drive higher price valuation overall.
Also, the community hype riding on cryptic texts from lead developer Shytoshi Kusama and the anticipation of the next major utility to introduce comes off as a crucial selling point for SHIB. With the market now gradually decoupling from Bitcoin in the wake of spot Ethereum ETF approvals, Shiba Inu, as a native ETH token, also stands to benefit from the massive liquidity injection anticipated in the near future.
Other factors like Shibarium utility and SHIB whale transactions might also contribute to the token erasing one zero soon.
Arman Shirinyan
Dan Burgin
Alex Dovbnya