As a seasoned crypto investor with over a decade of experience in this ever-evolving market, I must admit that my heart skipped a beat when I saw Shiba Inu (SHIB) being featured by Grayscale, a fund management giant, as the top weekly winner. This is not just another pump-and-dump scheme; it’s a testament to the potential and resilience of this meme coin that has captured the hearts of many in the crypto community.
The anonymous head of Shiba Inu‘s social media marketing, commonly referred to as ‘Lucie’ within the community, has announced another achievement made by Shiba Inu. Specifically, this achievement was highlighted in the latest weekly report published by prominent investment firm Grayscale.
Based on the data presented, Shiba Inu (SHIB) surpassed not just Dogecoin (DOGE) and Cardano (ADA), but even heavyweights like Bitcoin and Ethereum regarding weekly profits.
Grayscale features SHIB as top winner
In a recent tweet, Grayscale published a report which Lucie then shared on her X page. She expressed her thoughts by stating “SHIB is taking the lead” and further added that “this is merely the start.
“Weekly Returns for Top 10 Cryptocurrencies”: The data shows that Shiba Inu (SHIB) has outperformed Cardano, Dogecoin, Solana, Ethereum, Binance Coin, Bitcoin, Toncoin, Tron, and XRP in terms of weekly earnings.
In comparison to other major cryptocurrencies, SHIB experienced a significant rise of approximately 32.1% this week. ADA and DOGE followed closely behind with weekly increases of about 14.5% and 12.4%, respectively. ETH managed to achieve profits totaling 6.7%, while BTC only gained around 3.4%.
The SHIB community responded with comments full of excitement and pride over their favorite meme cryptocurrency.
SHIB soars 42.51% in light of new ATH
Among the factors fueling SHIB‘s significant surge this week was the disclosure that Shiba Inu Total Value Locked (TVL) had hit a record high – an impressive $3.64 million within a single week. This spike followed the launch of K9 Finance’s Bonecrusher app on Shibarium and the introduction of a liquid staking solution by their strategic partner.
Starting Thursday, the second-largest cryptocurrency with a Shiba Inu theme has experienced an incredible 42.51% increase. This surge erased one zero from its price and propelled it from $0.00001501 to $0.00002139 earlier today.
However, after that it was pushed down by almost 9% and currently SHIB is trading at $0.00001951.
On Twitter, Lucie from Shiba Inu pointed out that their TVL (Total Value Locked) reaching an all-time high doesn’t make SHIB merely “the flavor of the week.” She emphasized that this price rise is a result of a substantial ecosystem in progress behind Shib, backed by committed developers who provide consistent support.
This price surge also coincided with a massive burn rate increase that happened on Thursday when this metric soared by 33,818% with 1,884,288,401 SHIB scorched in total.
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2024-09-28 11:53