The crypto market witnessed an explosive surge last week, pushing crypto prices to new levels. Meme coins, particularly Shiba Inu, have reaped significant benefits from this market surge. At the time of writing, SHIB has carried over its gains from the previous week into the current week and is currently on a 175% increase in the past seven days. Interestingly, this surge saw SHIB breaking into the top 10 crypto by market cap last week as it outperformed most altcoins.
SHIB Blasts With A 175% Surge
Shiba Inu’s ecosystem (spearheaded by SHIB) is one of the fastest-growing communities in the crypto industry. The meme cryptocurrency has come a long way in a short time from its days as a cryptocurrency fueled by hype. Despite constant SHIB burns and updates to the ecosystem, SHIB largely underperformed in December and January, prompting community members to call for swift and better action from team members.
Things have taken a turn for the better since early February, as SHIB and other tokens in the SHIB ecosystem have recorded strong gains across the board.
The price of SHIB spiked by over 180% at one point in the past few, pushing it over the $0.00002 price level since April 2022. This impressive performance saw it breaking ranks and overtaking Chainlink (LINK), Tron (TRX), and Polkadot (DOT) in market cap rankings. It’s important to note that these altcoins have also witnessed gains amid a wider influx, with Chainlink, Tron, and Polkadot currently up 10%, 2%, and 27% respectively in the past seven days.
SHIB’s recent gains have also flowed into other tokens in the Shiba Inu ecosystem. BONE, for instance, is currently up by 70% in the past 30 days. LEASH is also up by 112% in the past 30 days. SHIB has also outperformed DOGE, which itself has posted a massive 94% gain in the past seven days.
What’s Next For SHIB?
SHIB’s recent performance seems long overdue for its fervent holders, and it isn’t showing any sign of stopping soon. Lookonchain recently called attention to a whale who made $2.5 million as a result of the price surge.
According to data from Coinglass, open interest in active perpetual futures contracts tied to SHIB is now over $100 million for the first time since August 2023.
SHIB is still 66% down from its all-time high, but it faces virtually no resistance until it reaches $0.000032. A sustained move above $0.000027 could send SHIB skyrocketing to $0.000032 for the first time in over two years.
SHIB price at $0.00002657 | Source: SHIBUSD on Tradingview.com
Featured image from Finbold, chart from Tradingview.com
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