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- Altcoin Daily, a Twitter market analyst, has been following recent developments in SHIB.
- Shiba Inu (SHIB) has been able to surpass MATIC in terms of market capitalization.
- The market capitalization of SHIB presently exceeds $5.6 billion, while that of MATIC is $4.5 billion.
With prices presently down 5.69 percent, Shiba Inu, the 14th-ranked cryptocurrency, was one of the top gainers after the weekend sell-off. Shiba Inu is now the 14th largest currency, valued at $5.66 billion, overtaking Polygon’s $4.5 billion. Data from Coinmarketcap indicates that SHIB has a smaller 24-hour trading volume than MATIC, nevertheless.
Shiba Inu’s holder count is increasing despite the recent price decline. WhaleStats reports that the number of SHIB holders has increased to $1.619 million, overtaking FTX as the largest holding in terms of monetary value.
The Polygon blockchain’s native asset, MATIC, is now trading up 2.85 percent at $0.5708 as the cryptocurrency market remains volatile. In May 2022, when Bitcoin fell to a low of $17,500, more selling pressure on the market caused it to collapse. In the past 24 hours, the bulk of cryptocurrencies has seen big declines. Many of the top 100 cryptocurrency tokens have suffered seven-day losses of between 20 and 50 percent as of the time of publication.
Shiba Inu saw substantial sell-offs on Friday and Saturday, along with the rest of the market, but Sunday brought about much-needed relief. The most recent uptick is encouraging since it points to a thriving neighborhood. Even while an increase in holders may not have an immediate effect on the price, it might signal long-term interest in a cryptocurrency. According to statistics from CoinMarketCap, the cryptocurrency is presently trading at $0.00001037, down 5.46 percent from the previous day.
The meme token was previously launched on the Mexican cryptocurrency exchange Bitso and the Indian cryptocurrency exchange Giottus in January, while the Shiba Inu was only released on the Uphold market.
In terms of the future, it is important to keep in mind that SHIB has not had a significant price gain in about two months. The currency saw a roughly 1000 percent spike in October, but since then, it has mostly been restricted to lower lows and low highs.
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