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HomeCrypto NewsMarketShiba Inu Outranks AVAX, Reclaims $4 Billion Market Cap 

Shiba Inu Outranks AVAX, Reclaims $4 Billion Market Cap 


Despite recent setbacks, Shiba Inu (SHIB), resilient amid crypto market fluctuations, climbs global charts with over 10% rebound.

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Amid the crypto market’s ups and downs, the canine-inspired Shiba Inu (SHIB) token managed to make a notable ascent on the global charts. With an over 10% climb in its latest rebound effort, the coin showed resilience despite recent setbacks in the crypto industry.

After reaching a weekly low of $0.00000591, Shiba Inu has rallied back, surpassing Avalanche (AVAX) to reclaim the prestigious 18th position by global market capitalization. Shiba Inu’s current market cap now sits above $4 billion, according to data from the popular market tracker CoinMarket Cap, after seeing cumulative seven-day growth of 10.5%

Burn SHIB, a community-driven Shiba Inu burn update account on Twitter, recently shared a part of Shiba Inu’s win with the ever-excited community.

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Notably, the recent gains for Shiba Inu can be attributed to recent development surrounding the community. As reported by The Crypto Basic, in the last 24 hours, the Shiba Inu development team unveiled a physical product, Shibacals, with an intriguing tagline, “Print Anything; You Can Mint.”

Additionally, Shibacals’ launch came after multiple teasers that drove the community anticipation and excitement above abound.

Shiba Inu Metrics

However, analyzing on-chain metrics, Shiba Inu reveals a bearish to bullish ratio of 4:0. According to IntoTheBlock, a blockchain data analytics platform, a mere 8% of existing SHIB holders are in profit.

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Despite these obstacles, Shiba Inu’s dedicated community of holders continues to grow steadily. In the past hour alone, 82 new holders have joined the pack, pushing the total number of SHIB holders to an impressive 2,346,688. 

Ultimately, the crypto market eagerly watches as Shiba Inu persists in its quest for recovery to the top 15.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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