A recent report suggests that Shiba Inu outpaced the weekly gains of the TRUMP meme coin despite President Trump offering a black-tie dinner and White House tour for its largest holders.
In a tweet, Coinpedia Markets highlighted that Shiba Inu surged 36% in the past week. However, the report claimed TRUMP reported a lower percentage weekly gain.
Notably, on-chain data shows that SHIB’s price rallied from around $0.00001260 to $0.00001720 in the past period. This performance saw Shiba Inu rival other crypto assets, including Donald Trump’s meme coin.
According to Coinpedia Markets, the Official Trump coin price only spiked by 28%. Notably, data from CoinMarketCap suggests that TRUMP’s price rallied from around $11 to $14 last week.
The tweet from Coinpedia Markets argued that Shiba Inu outperformed TRUMP’s gains despite Donald Trump’s jaw-dropping offer to the token’s largest holders.
Black-Tie Dinner and White House Tour for TRUMP Holders
As previously reported, the top 220 largest holders will participate in a black-tie dinner with President Trump on May 22. At the event, a special reception and a private White House tour will be held for the top 25 holders of TRUMP.
The offer impacted TRUMP’s price at the time of the initial announcement in April, with its valuation soaring to $3 billion. However, interest in TRUMP declined this month as other meme coins outperformed its weekly gains.
Other Notable Shiba Inu Milestones
Further, Coinpedia Markets mentioned other notable milestones Shiba Inu achieved recently. It claimed that Shiba Inu ranked as the fifth most-swapped token in the popular Ethereum wallet MetaMask last week. Recall that Shiba Inu achieved a similar milestone last year, joining the likes of Pepe, BabyDogeCoin, Pepe Unchained, and Hex.
Positive Indicators
In terms of technical indicators, Coinpedia Markets indicated that Shiba Inu was trading above all major daily and weekly moving averages. At the time of the tweet, it claimed that SHIB had a relative strength index (RSI) of 71.
Following Shiba Inu’s recent surge, the report stated that SHIB broke out of a falling wedge, mirroring a bullish setup observed in September 2024.
Based on this move, Coinpedia Markets sets $0.00002148 as the resistance target Shiba Inu must flip to rally to a lofty height of $0.00003575 this month. Hitting the $0.00003575 target demands a surge of 118% from the current price of $0.00001639.
Growing Utility and Demand
Meanwhile, Coinpedia also suggests that Shiba Inu’s demand and utility have skyrocketed massively in recent weeks. It claimed this was due to Shibarium’s on-chain growth, the network’s integration into Zypto App, and Bury 2.0 staking incentives.
The report also highlighted Shibarium’s increased activity, noting that the number of accounts rose from 240,421 registered on March 1 to 268,877 on May 10. The analysis also claimed that Shibarium’s transaction volume soared from 931 million to 1.15 billion within this period, signaling widespread adoption.
At press time, Shibarium’s total account had soared to 268,981, while the total transaction stood at 1.17 billion.
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