Grayscale Features SHIB as Top Winner
Exciting news for the SHIB community as the meme cryptocurrency takes the lead in weekly gains, surpassing big names like Bitcoin and Ethereum. Grayscale, the renowned fund management giant, highlighted SHIB as the top performer in its recent report titled “1 Week Returns for Top 10 Crypto Assets.”
Key Highlights from the Report:
- SHIB outpaced DOGE and ADA with a remarkable 32.1% weekly gain.
- Other major cryptocurrencies like Bitcoin and Ethereum showed gains of 3.4% and 6.7% respectively.
- SHIB’s performance has captured the attention of the crypto community, sparking excitement and pride among its supporters.
SHIB Soars 42.51% Amid New All-Time High
The surge in SHIB’s value can be attributed to the recent milestone of Shiba Inu total value locked (TVL) reaching a new all-time high of $3.64 million. This achievement comes on the heels of K9 Finance launching its Bonecrusher app on Shibarium, offering a solution for liquid staking.
Following this news, SHIB experienced a massive 42.51% surge, hitting a new high of $0.00002139 before a slight correction. Currently, SHIB is trading at $0.00001951.
Lucie, the pseudonymous social media marketing lead of the SHIB team, emphasized that SHIB’s success is not a fleeting trend but a result of a robust ecosystem with dedicated developers behind it.
The surge in price also coincided with a significant increase in the burn rate, with 1,884,288,401 SHIB tokens burned, marking a 33,818% surge in this metric.
Analysis and Implications:
The impressive performance of SHIB in terms of weekly gains and price surge highlights its growing popularity and potential as a cryptocurrency investment. The support from Grayscale and the milestone of TVL reaching a new high underscore the community’s confidence in the project.
For investors, this news signals an opportunity to capitalize on the momentum of SHIB and potentially benefit from its continued growth. As the cryptocurrency market continues to evolve, staying informed about emerging trends and standout performers like SHIB can be crucial for making informed investment decisions.