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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Mar 07, 2024 11:00 UTC
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Shiba Inu in the Top 10: SHIB Price Delivers 121% Profits Despite Market Dip
Shiba Inu (SHIB) is gaining attention despite recent market volatility, investors are holding on for the long-term.
SHIB experienced a significant price increase (378%) in the past two weeks, pushing its market cap to a new high.
While SHIB has seen a recent dip, it still holds a 121% gain over the past week, and investors are watching closely.
Cryptocurrency enthusiasts are closely monitoring Shiba Inu (SHIB) for a potential surge, fueled by insights from Santiment amidst recent market challenges.
Following Bitcoin’s record-breaking peak of over $69,000 on March 5, the entire crypto market faced hurdles. Shiba Inu, known for its ups and downs, also experienced a setback. Within a few hours, SHIB dropped by 40%, going from $0.00004218 to a low of $0.00002555, making it challenging to reclaim the desired $0.00003 price.
SHIB and WIF Take the Lead
Despite this, Santiment’s data reveals trader optimism regarding Shiba Inu’s recovery. Even with the market correction, traders believe SHIB has the strength to bounce back, gaining attention alongside other meme coins like Dogwifhat (WIF).
As the market adjusted, meme coins took center stage. WIF, a companion in the meme coin trend, surged an incredible 640% from $0.3068 on Feb. 23 to a record $2.27 on March 6. Shiba Inu followed suit with a remarkable 378% surge during the same period, riding the wave of meme coin excitement.
Market Buzz
Discussions about “SHIB” flooded the crypto scene, boosted by Santiment’s AI summary. According to Santiment, the excitement stems from discussions about acquiring Shiba Inu and holding it for the long term.
Santiment points out that the main reason for all the talk about SHIB is its recent impressive performance. From February 23 to March 6, Shiba Inu’s value shot up by a whopping 378%, creating a buzz within the crypto community.
Also Read: What is Shiba Inu’s Major Update? Price up 243%, $100 Billion Market Cap Predicted
Soaring to New Heights
Shiba Inu’s market cap skyrocketed to $20.96 billion, its highest point since December 2021. This pushed SHIB into the top 10, a significant achievement considering its modest $5.22 billion market cap just a month before.
Despite a recent 15% drop, with SHIB trading at $0.00003137 in the last 24 hours, the cryptocurrency has maintained an impressive 121% gain over the past week. Investors are closely watching Shiba Inu’s strength in the face of market changes, pondering its potential to bounce back.
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