Although Shiba Inu (SHIB), was not considered a cryptocurrency asset at the time it was introduced, the meme currency has steadily moved up the crypto rankings.
Although the latest signals of relief from crypto markets after a prolonged volatility period may surprise many, the most interesting aspect of the rebound is the fact that meme tokens are the biggest gainers.
In the previous week or two, the majority of other coins have been bleeding from losses or barely able to stay afloat because of the ongoing crypto winter.
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Shiba Inu Keeps Up With The Trend
The Shiba-Inu, however, has managed to overcome all odds and have seen a 45 percent increase in trading volume over the last week. Wednesday’s Coingecko stats show that SHIB is currently trading at $0.00000975, down 9.5% from the last 24 hours.
On Tuesday, the currency traded near its monthly peak of $0.00001196 despite the profit-taking Monday. However, the coin is 85 percent lower than its record $0.00008 high, achieved in October last year.
The dog-themed token briefly surpassed Tron as the 13th biggest cryptocurrency by market valuation. Even Bitcoin and Ethereum’s seven-day gains of 2% and 8%, respectively, were eclipsed by this rally.
According to Yunometa’s founder, Arijit Mukherjee:
“Shiba Inu appears to be benefiting from hints of bottom fishing and a larger mood comeback on the cryptocurrency market.”
Yunometa noted that considering SHIB’s large social media presence and devoted fanbase, it’s not hard to understand why the coin’s price has risen in tandem with DOGE’s rally.
SHIB market capital at $5.3 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Fed Stance is Favorably Taken by Meme Token
Jerome Powell, the chairman of the US Federal Reserve in the United States, stated on June 23 that the Fed was committed to tackling historically high inflation. A rapid increase in interest rates could also lead to job loss, Powell said.
The central bank’s more lenient position on interest rates looked to have a favorable effect on the equity and crypto markets. Meme coins outperformed the rest of the market following the Fed’s statement.
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Meanwhile, it is interesting to note that after rising as one of the leading meme-based cryptocurrencies over the past year, Shiba Inu’s prospects are deteriorating as a result of waning interest in the token as it continues to endure major price decline.
According to data provided by Finbold, the popularity score for Google search queries including the keyword “Buy SHIB” dropped by 100 percent over the past year, from 8 in June 2021 to zero this month.
Featured image Fintechs.fi chart, TradingView.com