The latest crypto price actions suggest that the cryptocurrency market may be slowly moving out of the recent recession instigated by United Securities and Exchange Commission (SEC) lawsuits filed against the two top crypto trading platforms, Binance and Coinbase. Notably, Bitcoin (BTC) retested $29,000 on Wednesday after dipping to as low as $24,800 on June 6, with several popular altcoins, including Shiba Inu (SHIB), regaining momentum.
In a recent development, the US SEC and Binance entered an agreement to allow Binance.US to continue operations in the US, pending the outcome of their ongoing legal battle.
Following the approval of this agreement by Washington, D.C. federal judge Amy Berman Jackson on 17 June 2023 coupled with the court’s denial of the U.S SEC’s application for a temporary restraining order (TRO) to freeze all Binance.US assets, the cryptocurrency market has recorded a mild recovery.
Shiba Inu (SHIB), the second-largest decentralized meme token, is among the crypto assets to stage an impressive rally in the last couple of days. In particular, SHIB is up over 8% and 3% in the past 7 days and 24 hours respectively.
This stunning price performance has rekindled investor interest in the meme token. On-chain data shows that Shiba Inu holders increased by 1,905 in the past day, bringing the total number of SHIB holders to 2,348,697, at press time.
A top blockchain analytics platform IntoThe Block further showed that the concentration of large holders remains high at 79%, indicating significant interest in the canine-themed cryptocurrency from major long-term investors.
These and many developments have caused a massive increase in the project’s market capitalization. SHIB’s market cap, which plummeted to $3.83 billion on June 14 has now surpassed the $4 billion threshold. At the time of writing, Shiba Inu is ranked number 17 with a market cap of $4,348,481,549.
According to Coinmarketcap data, SHIB is trading for $0.000007369 at the time of writing. Given the renewed interest in the meme token and the upcoming ecosystem projects, members of the Shiba Inu community expect more zeros to be deleted from the asset’s price.
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