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Shiba Inu (SHIB) Shot up 25% in a Week – Here’s Why

  • Shiba Inu has reclaimed its $7B total market capitalization.
  • Shib overtook the prospering Polygon (MATIC), taking #12th position among crypto projects by market cap.
  • Uber Eats U.S, and Monaco luxury yacht charterers among those accepting SHIB for payment.
  • Former Sony tech artist David Kern joined the SHIB Metaverse team.

It was another hot summer day for Shiba Inu (SHIB), as many in the SHIB Army chose to burn their tokens in a bid to delete the rest of the decimal zeros from Shiba Inu’s (SHIB) price. Impressively, Shiba Inu (SHIB) managed to overtake the shining Polygon (MATIC) in terms of total market capitalization last week, even despite MATIC’s impressive bull run, having recorded weekly gains of 67%.

1.5B Shiba Inu (SHIB) Tokens Set Aflame

The tokens burned by the SHIB Army have served to accelerate the spike in the price of SHIB, with over 1.5 billion tokens burned in the last 7 days. This comes just weeks after Shytoshi Kusama, the lead developer of Shiba Inu (SHIB), introduced Shiba Inu’s fourth token, $TREAT, to the ecosystem.

Reminding the community that the Shiba Inu stablecoin is still in the works, Shytoshi Kusama teased another major update: “Our Metaverse isn’t the only thing in the digital space on the horizon… our card game approaches”, Mr. Kusama wrote in the official blog post.

America’s Got Love for Shiba Inu (SHIB)

In major related news, the two top food delivery services of the United States, Uber Eats U.S. and DoorDash, both welcomed Shiba Inu (SHIB) as an accepted method of payment. Secondly, on July 18th, Shiba Inu (SHIB) was the top traded crypto asset on popular American trading platform Robinhood.

What’s more, Shiba Inu (SHIB) was revealed to be a beloved asset by members of Coinbase, the top american crypto trading platform. Ultimately, the popularity of SHIB among American crypto enthusiasts saw the dog-themed meme coin reattain its $7 billion market cap, which stands at $7,635,952,441 at the time of writing, according to CoinGecko.

The Dog Race Between SHIB & DOGE

The dog race is heating up, with both #ShibaInu and #DOGEToTheMoon trending on Twitter of late. Social influencer ‘MILKSHAKE’ stoked the flames, raising the question of whether the Shiba Inu (SHIB) community could surpass that of Dogecoin (DOGE), as both have 3.4M followers on Twitter.

At press time, Shiba Inu (SHIB) trades at $0.00001280, enjoying a 9.6% increase from the last 24 hours, according to CoinGecko. Shiba Inu (SHIB) has made leaps in its voyage to reach the moon, recording gains of 25% over the last 7 days. The community of the popular meme coin can certainly be proud of SHIB’s triple digits in the green, boasting year-to-date advances of 108.5%.

Rival mem coin Dogecoin (DOGE) is trading at $0.073 at the time of writing, having also recorded double digit profits for the week at 23%. Evidently, DOGE is having a great day, and is 11.8% in the green over the last 24 hours.

Why You Should Care

The longevity of an Altcoin can heavily depend of the size of its community. The current crypto bull run provides an opportunity for both the SHIB Army and the DOGE Army to climb the crypto rankings.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.