The crypto market experienced an explosive surge last week, pushing crypto prices to new levels. Meme coins, especially Shiba Inu, have reaped significant profits of this market surge. At the time of writing, SHIB carried over its gains from the previous week into the current week and is currently up 175% over the past seven days. Interestingly, this surge saw SHIB enter the top 10 cryptocurrencies by market capitalization last week, outperforming most altcoins.
SHIB explodes with a 175% increase
The Shiba Inu ecosystem (led by SHIB) is one of the fastest growing communities in the crypto industry. The meme cryptocurrency has come a long way in a short time since its days as a hype-fueled cryptocurrency. Despite constant SHIB burns And updates of ecosystem, SHIB significantly underperformed in December and January, prompting community members to call for quick and better action from team members.
Things have improved since early February as SHIB and other tokens in the SHIB ecosystem have seen solid gains across the board.
The price of SHIB enriched by over 180% at one point over the past few years, pushing it above the $0.00002 price level since April 2022. This impressive performance has seen it break the ranks and surpassing Chainlink (LINK), Tron (TRX) and Polkadot (DOT) in the market cap rankings. Importantly, these altcoins have also seen gains in a broader influx, with Chainlink, Tron, and Polkadot currently up 10%, 2%, and 27% respectively over the past seven days.
SHIB's recent gains have also been reinvested into other tokens in the Shiba Inu ecosystem. BONE, for example, is currently up 70% over the past 30 days. LEASH is also up 112% in the last 30 days. SHIB also outperformed DOGE, which itself saw a massive 94% gain over the past seven days.
What’s next for SHIB?
SHIB's recent performance seems long overdue for its ardent holders, and it shows no signs to stop soon. Lookonchain recently attracted attention to a whale who made $2.5 million from the price surge.
According to data from Coinglass, open interest in active SHIB-linked perpetual futures now exceeds $100 million for the first time since August 2023.
SHIB is still down 66% from its all-time high, but it faces almost no resistance until it hits $0.000032. A sustained move above $0.000027 could send SHIB skyrocketing to $0.000032 for the first time in over two years.
SHIB price at $0.00002657 | Source: SHIBUSD on Tradingview.com
Featured image of Finbold, chart from Tradingview.com
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