Shiba Inu Regains $4B Market Cap: Will SHIB Leave Behind Another Zero?

Shiba Inu surpasses the $4 billion market cap, gaining momentum despite market trends, attracting new holders, and demonstrating resilience.

Shiba Inu (SHIB) continues to make waves in the crypto market as it surges past a $4 billion market capitalization, surpassing its long-standing competitor Avalanche (AVAX), as reported by The Crypto Basic over the weekend.

The current price of one SHIB coin stands at $0.00000714, with a slight increase of 0.10277% in the last hour but a 0.70724% decrease in the past 24 hours, according to figures from Burn SHIB, a community-based tracking Twitter account.

The current price of one $SHIB coin is: $0.00000716, -0.15718% change in the last hour, -0.23712% change in the last 24 hours.

24H Volume: $84,402,804.
Market Cap: $4,222,449,847.#Shib #ShibArmy

— Burn SHIB (@letsburnshiba) June 20, 2023

Similarly, data from the popular market tracking website, CoinMarketCap, shows that Shiba Inu has a cumulative seven-day growth of above 5%, despite the current bleeding trend rocking the broader crypto market. 

High Interest in Shiba Inu

Shiba Inu’s resilience and resounding performance recently have been subjects of discussions, even among prominent politician figures such as Shannon Bray, a US gubernatorial candidate in the upcoming US elections.

As The Crypto Basic recently reported, Bray marveled at the Shiba Inu price pump and urged the community to sustain the momentum.

Interestingly, in the past day alone, Shiba Inu has seen a remarkable increase of 1,905 new holders, bringing the total number of SHIB holders to an impressive 2,348,697.

The growing community of Shiba Inu enthusiasts, also known as the #ShibArmy, continues to expand, demonstrating the token’s increasing popularity as the development team unveils more utilities.

These developments likely fueled anticipation about the Shiba Inu’s price canceling one of its leading zeros. 

Shiba Inu on-Chain Analytics

Analyzing on-chain data about Shiba Inu from IntoTheBlock reveals some exciting details. IntoTheBlock data suggested that the concentration of large holders remains high at 79%, indicating significant interest from major investors.

Holders’ composition by time held reveals a long-term commitment, with 69% holding for over a year, 28% holding for 1-12 months, and 3% holding for less than a month.  In the past seven days, transactions exceeding $100K have reached a substantial amount of $113.5 million, highlighting significant trading activity.

Moreover, Shiba Inu exhibits a price correlation of 0.78 with Bitcoin, showcasing its potential alignment with the most prominent player in the broader crypto market.

With the recent surge in market share, Shiba Inu aims to solidify its position in the crypto market, leaving behind another zero in its quest for more success.