Despite Recent Dip, Meme Coin Shiba Inu Marks 177% Monthly Growth

Based on the most recent data, the meme cryptocurrency shiba inu has witnessed 410 trillion tokens burned, translating to approximately 41% of its entire circulation. Concurrently, the digital asset has experienced a recent price revival over the last four weeks. Despite shiba inu’s value dipping over 21% in the last week, the meme coin has witnessed strong growth of around 177% against the U.S. dollar throughout the past month.

Shiba Inu’s Market Resurgence Brings Meme Coin to 12th Largest Position in the Crypto Economy

Shiba inu ($SHIB) ranks as the meme coin sector’s second-largest asset by market capitalization, trailing behind dogecoin ($DOGE). The broader meme coin market has seen notable advances over the last month, with the collective value of all meme tokens reaching $55.6 billion at the latest count. Of this, $SHIB accounts for $15.95 billion, with each token trading at $0.00002710 on Saturday afternoon, March 16, 2024, at 1:07 p.m. Eastern Time.

$SHIB/USD via Coinbase on March 16, 2024. $SHIB is down 21% this week but up 177% since last month.

While accounting for 28.68% of the meme coin sector, $SHIB’s market value constitutes a mere 0.592% of the total cryptocurrency market. $SHIB has witnessed a decent downturn this past week, shedding 21% of its value, despite a 26.8% increase in the preceding two weeks and a 177% upswing over the last month. $SHIB now occupies the 12th spot in terms of market capitalization across the cryptocurrency landscape, nestled between AVAX and DOT.

Data reveals that since Vitalik Buterin eliminated 410.24 trillion $SHIB on May 16, 2021, a total of 410.72 trillion $SHIB has been incinerated. Beyond Buterin’s significant contribution, the $SHIB community has obliterated an additional 481.85 billion $SHIB, equivalent to $13.15 million. Currently, the circulation sees 582,582,673,152,835 $SHIB with 6,693,470,884,837 $SHIB staked. Despite its market performance over the past 30 days, $SHIB still requires a 68.7% increase to eclipse its historical price peak.

Numerous meme coins are vying to rival the leading contenders — $DOGE and $SHIB — yet only $PEPE comes nearest to $SHIB’s current market capitalization of $15.95 billion, with $PEPE’s valuation standing at $3.25 billion. This indicates that many of the recently ascending meme coins still have a significant distance to cover to match the market valuations of $SHIB and $DOGE. For instance, $SHIB’s market capitalization surpasses the combined valuations of $PEPE, WIF, FLOKI, and BONK.

What do you think about shiba inu’s run-up over the past 30 days? Share your thoughts and opinions about this subject in the comments section below.