Shiba Inu (SHIB), a meme coin that saw a major market drop in 2022, is gaining popularity among cryptocurrency enthusiasts and reporting rising capital inflow.
According to statistics from CoinMarketCap as of August 15, the dog token for decentralized finance (DeFi) was the most popular cryptocurrency at the top of the 24-hour chart. Despite all the buzz surrounding Ethereum (ETH) as it gets ready for its Merge upgrade, the cryptocurrency came in second behind SHIB.
SHIB Price Analysis
Shiba Inu, another meme money that has profited from its namesake's recent price spike, has entered the top three Saudi Shiba Inu currencies (SAUDISHIB).
With a $8.7 billion market value, SHIB is currently trading at $0.00001581, up 0.38% on the day and another 25.64% in the previous week. At its high, the token reached $9.74 billion on August 14; on August 14, Finbold announced that $1.5 billion entered SHIB's market value in 24 hours, rising by $1.53 billion from $6.96 billion to $8.49 billion.
Unusually, SHIB showed signs of recovery in July after a poor first half of 2022. The gains coincided with those of the overall market, which has been trading in the green in recent weeks, powered by large-cap assets like Bitcoin (BTC) and Ethereum.
It has become standard practice for altcoins throughout the history of cryptocurrencies to imitate the trends displayed by large-cap assets like Bitcoin. For the first time since mid-June, Bitcoin crossed the $25,000 barrier during the early trading hours on August 14, which had an impact on the market.
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