Shiba Inu’s recent surge has captured the attention of the entire market, as the meme coin has joined the list of the top ten cryptocurrencies. This dramatic rise has ignited a debate about SHIB’s potential for long-term dominance or its vulnerability to the whims of short-term speculation.
SHIB’s market cap is currently up 2.62% over the last 24 hours, currently sitting at $19.4 billion and ranked #10. SHIB reached a 24-hour high of $0.00004533 and has climbed 215% over the past 7 days to its current price of $0.00003299. The digital asset’s trading volume currently stands at $14.66 billion, with a 104.77% increase.
Read Also: Here’s What 200 Million SHIB Will Be Worth at $0.01, $0.05 and $0.09
SHIB’s lead developer, Shytoshi Kusama, has revealed that this value has eclipsed the combined volume of established players like XRP, BNB, and Solana, which collectively reached $12 billion during the same timeframe.
TODAY #SHIB has more volume today than Bnb, Solana, and XRP COMBINED… by over a BILLION DOLLARS. pic.twitter.com/YJVxs6z90m
— Shytoshi Kusama™ (@ShytoshiKusama) March 5, 2024
Is SHIB’s Climb Sustainable?
However, SHIB’s newfound prominence and talks of the meme coin reaching $0.0001 have raised questions about its sustainability. Unlike established tokens with consistently high trading volumes, SHIB’s current position deviates significantly from its historical performance. The core challenge lies in maintaining this momentum and establishing a solid presence within the highly competitive crypto landscape.
These concerns have increased, with SHIB falling below $0.00004 over the past 24 hours. While SHIB’s recent performance is undeniably impressive, concerns remain regarding the token’s long-term viability.
Unlike established tokens like BNB (used for transactions on the Binance exchange), Solana (a platform for decentralized applications), and XRP (designed for cross-border payments), which have established use cases and utility driving their trading activity, SHIB’s value remains heavily influenced by speculation.
Established tokens benefit from a constant flow of transactions due to their real-world applications. SHIB, on the other hand, may be susceptible to price fluctuations based on hype and investor sentiment.
The recent surge in trading volume could signal a genuine shift in investor confidence, or it could be a temporary phenomenon fueled by social media trends and influencer marketing.
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Read Also: Analyst Says Shiba Inu (SHIB) Price Is Set To Breakout. Here’s why
Building Shiba Inu’s Ecosystem
Shiba Inu developers are building a large ecosystem around the meme coin to boost its utility. If SHIB can develop concrete use cases or integrate itself into existing blockchain ecosystems, it may solidify its position within the market. However, if its value continues to rely solely on speculation, its dominance might prove fleeting.
SHIB burns can also help its journey, as relying on supply and demand forces can help sustain its consistent price increase. Moreover, Shytoshi Kusama has grand plans for SHIB and the next few weeks and months could prove critical in determining the meme coin’s future.
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