The digital currency ecosystem experienced a flash crash on Monday after fake news broke about the United States Securities and Exchange Commission (SEC) approving the Bitcoin spot ETF application from BlackRock. Though the market tumbled, it served as a relatively bullish shift for Shiba Inu (SHIB), whose trading volume has now soared by more than 23%.
Despite the return of buyers, Shiba Inu is priced at $0.000007063, down 0.70% in the past 24 hours. With over $104 million traded on exchanges overall, the meme coin is experiencing a better performance when compared to its peers.
Just yesterday, it was reported that Shiba Inu was on the verge of slipping away from the top 20 ranking of crypto by market cap. Today, the slump in prices has reshuffled the market cap, and Shiba Inu has a leg up, surpassing Chainlink in the ranking.
Shiba Inu has always presented an exciting perspective to investors with respect to its low cost and ecosystem potential. Drawing from the emergence of its Layer-2 scaling solution, Shibarium, the protocol is poised to welcome decentralized applications (dApps) with real-world use cases that can catalyze the onboarding of the next wave of new users into Web3.
Keeping SHIB momentum going
Shiba Inu is often regarded as one of the most volatile digital currencies around, and over the past year, it has soared in the ranking to hit 13th place before retracing. By shifting away from the danger zone, expectations are building to see a steeper climb in the near term.
Since its closest rival Dogecoin (DOGE) sits in the top 10, SHIB proponents believe its current market capitalization is an indication it is undervalued. By leveraging its deflationary features through burning and the optimism within the ecosystem, Shiba Inu aims to continue its growth into the near future.