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.