Shiba Inu: More Bite Than Bark Over The Weekend With Over 15% Jump

Christian Encila

1 year ago

3 mins read

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The Shiba Inu coin showed its teeth over the weekend, with a solid 15% increase in value. Shiba Inu is creating a name for itself in the financial world and is far from being just another cryptocurrency begging for attention.

This coin’s recent increase has raised the question: Does it have the ability to come out stronger in a bear market – or is it just all noise?

Shiba Inu made a sharp rally after exiting a phase of consolidation on Friday afternoon. At the time of writing, the meme coin was trading at $0.0000097, up 9.2% in the last 24 hours, data from crypto market tracker Coingecko shows.

The highlight of SHIB’s solid upward trajectory was in the seven-day timeframe, registering an impressive 15.1% rally. At last check, the coin’s 24-hour volume climbed 236% to $683 million. Its market cap also increased by 12.3% to $5.81 billion.

Source: Coingecko

Price Boost From Binance ‘Loans’

SHIB reached the milestone of $0.000095 for the first time since May of this year. After Binance disclosed that the meme currency was a recognized collateral asset for loans on the exchange, the price increased.

Holders will be able to deposit SHIB as collateral to get “Flexible Loans” on Binance as a result of this development. Additionally, the action is thought to give the coin more credibility than its meme roots and cause a jump in its value, reviving investor interest.

This development highlights the dynamic nature of the cryptocurrency market, where the intersection of social media trends, technological advancement, and institutional acceptance can drive meme coins like SHIB to achieve notable objectives and draw interest from both crypto supporters and the mainstream financial community.

SHIB market cap currently at $5.8 billion on the weekly chart: TradingView.com

Ahead of the debut of Shiba Inu’s blockchain initiative Shibarium, enthusiasm toward cryptocurrencies has also strengthened in recent days.

Shibarium is expected to offer an alternative to the Ethereum blockchain, according to developers. It is anticipated to be more rapid more energy-efficient, and reduce total supply through burns.

Shiba Inu: Strong Social Engagement

Shiba Inu just made a significant achievement, which social analytics platform LunarCrush highlighted. Shiba Inu has the highest total social and market activity when compared to the whole crypto market, according to a tweet from the social analytics site LunarCrush.

👀🚀With leading combined social + market activity vs. the entire crypto market, Shiba Inu has hit the #1 LunarCrush AltRank™!

24-hour activity
Price +12.22% to $0.000009853
Social engagements 200,365,743https://t.co/94gyL5ebDg $shib #shibainu pic.twitter.com/H0FGLSx8Um

— LunarCrush (@LunarCrush) August 5, 2023

This accomplishment stands out because of Shiba Inu’s improving market influence. In addition to dominating the market, it also stands out significantly in terms of its social engagement.

In particular, SHIB has surpassed 4,481 other coins to claim the top rank on AltRank. The crypto has experienced a flurry of activity during the past 24 hours, logging a staggering 200,365,743 social interactions.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from K9 of Mine

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.