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Shiba Inu raised more than 1.5 billion dollars in 24 hours. The token responded with growth!

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Ecosystem Shiba Inu managed to increase its market capitalization by 1.5 billion US dollars in less than 24 hours. SHIB token then reacted with an increase of up to 22%.

Shiba Inu with more significant success

Even in the period of long-term correction, we can occasionally witness unusual market movements. Such a scenario also played out in the case of the Shiba Inu ecosystem. The latter achieved an increase in capitalization by 1.5 billion dollars. He was able to reach the 12th place in the ranking of cryptocurrencies according to the total market capitalization.

At the time of writing, the market capitalization of this dog project stood at $8.5 billion. In the last 7 days, this is an increase of up to 22.29%.

Shiba Inu raised more than 1.5 billion dollars in 24 hours. The token responded with growth!
source: coinmarketcap

Although this project is highly correlated with BTC and the rest of the market, it is among the market leaders in terms of development activity.

The developer community is constantly working on improving combustion mechanisms. The project is also considered a key growth factor ShibaSwap which was launched back in 2021.

However, even the activity of developers may not be attractive to investors. Data from Google Trends shows that searches for the keyword “Shiba Inu” have fallen to their lowest level in more than a year over the past 12 months. The number of transactions in the network remains practically unchanged. In the month of July, this value reached 211,833 transactions.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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