Shiba Inu ranks among the leading cryptocurrencies that have recently witnessed massive adoption by individuals and businesses. Therefore, one would believe its immense utility progression would influence the price. However, SHIB has remained stagnant despite the ecosystem’s projects, burning exercises, and whale activities.
Nevertheless, the meme token recorded a massive surge over the weekend. In the past 24 hours, the SHIB coin boosted to a high of 0.00001774, a 90-day high, while other prominent digital assets were nose-diving in the market. According to Santiment, the sudden rise in whale transactions could have caused a 30% value increase.
Shiba Inu Surges By 7% to Flip Avalanche.
It was not all wins for the Dogecoin Killer as its price dropped to $0.00001584 despite surging by 7.23% in the past 24 hours.
However, the memecoin’s market cap boosted significantly to $8.63 billion, leading the dog-themed asset to overthrow Avalanche as the 12th largest cryptocurrency.
This development has given the Shib Army hope that someday, they can overtake Dogecoin on the table as the most significant memecoin. However, the Shiba Inu community is currently celebrating their win over rivals, DOGE, regarding social media interactions.
Additionally, SHIB’s social mentions also significantly improved. The token’s social strength mirrored its price chart as it hit its highest point in the last 90 days.