Shiba Inu Climbs Into Top 10 Cryptocurrencies With A 175% Weekly Surge

By: Eliza Bennet

Shiba Inu, a prominent crypto coin, registered a whopping 175% surge over the past week against the backdrop of an ongoing crypto market boom. This sizeable increase, underpinned by a recent influx of SHIB futures showing an open interest exceeding $100 million, propelled SHIB into the top 10 cryptocurrencies by market cap.

Committed efforts from the SHIB community, including constant SHIB burns and upgrades to the ecosystem, have contributed to this significant price rally after a period of underperformance during December and January. Despite the previous downturn, SHIB, along with other tokens in its ecosystem, has recently exhibited strong gains.

In fact, SHIB outperformed altcoins like Chainlink, Tron, and Polkadot, which experienced gains of 10%, 2%, and 27% respectively over the past week. Other digital assets within the Shiba Inu ecosystem, such as BONE and LEASH, have also benefited, posting increases of 70% and 112% over a 30-day period, respectively.

At present, SHIB's value is still 66% below its all-time high, but with negligible resistance anticipated until the $0.000032 level, it could potentially skyrocket again if it maintains a sustained move above $0.000027.