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Grayscale and Robinhood acknowledge Shiba Inu’s (SHIB) impressive performance in the past week, as SHIB ranks as the best performing asset in their respective top gainers’ lists.
Leading dog-themed cryptocurrency Shiba Inu witnessed a remarkable performance over the past week, as its price hit a three-month high of $0.00002156. Interestingly, Shiba Inu surged from a weekly low of $0.00001417, registered on September 21, to a seven-day high of $0.00002156 today. This growth rate represents a surge of 52.15% in one week.
Notably, two prominent crypto entities, Grayscale and Robinhood, put Shiba Inu’s tremendous surge in the spotlight during their respective overviews of the top-performing cryptos over the past week.
Shiba Inu Beats Cardano, Dogecoin, and Solana on Grayscale Top Gainers’ List
Grayscale data shows that Shiba Inu performed best among the top 10 cryptocurrencies by market cap over the past seven days.
According to the data compiled on September 26, Shiba Inu ended the week with a gain of 32.1%. This gain brought Shiba Inu’s year-to-date (YTD) return to 80.6% and a market cap of $12.4 billion.
Remarkably, Shiba Inu outperformed the remaining nine biggest cryptocurrencies by market cap, excluding stablecoins, having recorded the largest weekly gain. Notably, Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Ethereum (ETH), and Binance Coin (BNB) followed Shiba Inu behind, having surged 14.5%, 12.4%, 9%, 6.7%, and 5.5% in the past week, respectively.
Bitcoin (BTC), Toncoin (TON), Tron (TRX), and XRP (XRP) followed suit with weekly gains of 3.4%, 1.8%, 1.2%, and 0.4%, respectively.
Shiba Inu Shines in Robinhood Leaderboard
Additionally, leading online brokerage platform Robinhood highlighted Shiba Inu’s incredible performance in its weekly overview of the top 10 best-performing cryptos available on its platform.
Robinhood took a snapshot of these assets’ performance on September 27, 2024. Per the data, Shiba Inu sat in the number one spot, having recorded a weekly surge of 50.2%. Dogecoin closely followed Shiba Inu in the leaderboard, with 20.8% weekly returns.
Compound (COMP), Aave (AAVE), Avalanche (AVAX), Uniswap (UNI), Tezos (XTZ), Ethereum Classic (ETC), Chainlink (LINK), and Litecoin (LTC) trailed Dogecoin.
They boast weekly returns of 12.7%, 12.2%, 11.6%, 11.5%, 11%, 10.3%, 9.8%, and 8%, respectively.
Potential Factors Behind Shiba Inu Surge
Meanwhile, Shiba Inu’s recent performance stunned many crypto enthusiasts. The dog-themed token had a slow performance this month. Notably, SHIB price traded within the $0.000013 and $0.000014 price territory for the most part of the month before its remarkable surge.
Several factors have contributed positively to SHIB’s recent uptrend, including the massive increase in the total value locked (TVL) on Shibarium.
As reported earlier, Shibarium’s TVL spiked to $3.64 million in one week following the launch of K9 Finance’s Bonecrusher decentralized application, which introduced a liquid staking solution to the network.
Also, the community is anticipating the introduction of a new utility within the Shiba Inu ecosystem in the early phase of the year’s fourth quarter.
Popular crypto YouTuber Raajeev Anand revealed the development after speaking with Shiba Inu lead developer Shytoshi Kusama at the recently concluded TOKEN2049 conference in Singapore.
According to him, Kusama said the next two weeks would be more interesting for SHIB, suggesting that the team plans to introduce “something big” into the ecosystem. This type of update can trigger investors’ interest in the asset, as many would likely purchase it in anticipation of the upcoming news, potentially leading to a huge price spike.
In the meantime, Shiba Inu has lost some of its weekly gains as it currently trades at $0.00002084. Despite this, Shiba Inu is still up 9.94% in the daily charts and 46.73% in the past week.