- Shiba Inu surpasses Avalanche in market cap, marking a notable ranking shift.
- Positive sentiment and market trends drive SHIB’s 5% price gain in 24 hours.
- The eapproval of Ethereum ETF filings in the US boosts focus on meme tokens.
The positive sentiment enveloping Shiba Inu (SHIB), along with broader bullish trends coursing through the cryptocurrency market, has significantly contributed to a notable price surge of over 5% within the span of just 24 hours.
This surge coincided with Ethereum’s own 5% upswing, which notably outpaced Bitcoin’s slight decline during the same timeframe. Delving deeper into the catalysts, the recent approval of Ethereum ETF filings in the United States has had a discernible impact. This green light from regulators prompted a strategic redirection of attention among traders, particularly toward meme tokens like Shiba Inu.
Consequently, SHIB experienced a notable uptick in value, soaring to $0.2556 at the time of reporting. This surge not only propelled Shiba Inu’s market capitalization to $15.13 billion but also managed to outshine Avalanche, which currently stands at $14.67 billion.
The price surge witnessed in Shiba Inu isn’t merely an isolated event but rather reflective of a broader trend observed within the market. Meme coins, including SHIB, often capitalize on favorable developments surrounding more established cryptocurrencies, such as Ethereum. The approval of Ethereum ETFs by the Securities and Exchange Commission (SEC) is particularly noteworthy as it signals a growing acceptance and validation of digital assets within traditional financial systems. This, in turn, bolsters investor confidence not only in Ethereum but also in associated meme tokens.
Indeed, Shiba Inu’s rise is not an anomaly but rather part of a broader rally observed within the meme token sector. Coins like Bonk and Pepe have also witnessed significant surges, outperforming major players like Bitcoin and Ethereum over the past 24 hours.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
