On Monday, false information regarding the United States Securities and Exchange Commission (SEC) accepting BlackRock’s application for a Bitcoin spot ETF caused a flash fall in the digital currency market. Despite the market’s decline, Shiba Inu (SHIB), whose trading volume has since increased by more than 23%, saw a rather optimistic turn.
Shiba Inu’s price is $0.000007063, down 0.70% during the last 24 hours, despite the return of purchasers. When compared to its competitors, the meme currency is performing better, with over $104 million exchanged on exchanges altogether.
Shiba Inu was reportedly on the verge of falling out of the top 20 cryptocurrency rankings by market valuation only yesterday. Shiba Inu has an advantage over Chainlink in the current market cap rankings thanks to the price decline, which has rearranged the market cap.
Shiba Inu has consistently offered investors a fascinating viewpoint because to its low cost and ecological potential. The protocol is prepared to accept decentralised apps (dApps) with practical use cases that can accelerate the onboarding of the subsequent wave of additional Web3 users, building on the success of its Layer-2 scaling solution, Shibarium.
Keeping SHIB momentum going
Shiba Inu, one of the most volatile digital currencies available, has risen in the rankings to reach 13th position during the past year before falling again. Expectations are growing for a faster ascent in the near future as the market moves out of the danger zone.
Supporters of SHIB say its present market capitalization is a sign that it is undervalued because its nearest rival Dogecoin (DOGE) is ranked within the top 10. Shiba Inu hopes to maintain its growth in the foreseeable future by taking use of its deflationary characteristics through burning and the optimism within the ecosystem.
