Shiba Inu Continues To Grow, Overtakes Polygon in Market Cap
Shiba Inu, the 14th-ranked cryptocurrency, was one of the top gainers following the weekend sell-offs, with prices currently down by 5.69%. At a present market valuation of $5.66 billion, Shiba Inu has surpassed Polygon’s $4.5 billion to be the 14th biggest coin. However, according to Coinmarketcap data, SHIB has a lower 24-hour trading volume than MATIC.
Meanwhile, despite the recent price drop, Shiba Inu’s holder count continues to rise. According to WhaleStats, the SHIB holder count has grown to $1.619 million, surpassing the FTX token for the biggest holding by dollar.
MATIC, the native asset of the Polygon blockchain, trades upward by 2.85% at a present price of $0.5708 as volatility continues on the crypto market. The cryptocurrency market succumbed to further selling pressure in May 2022 as Bitcoin dipped to lows of $17,500. The majority of altcoins are experiencing significant drops in the last 24 hours. At press time, many top 100 altcoin tokens lost between 20% and 50% in the past seven days.
Shiba Inu, like the rest of the market, had significant sell-offs on Friday and Saturday, but Sunday provided a much-needed reprieve. The latest increase suggests a flourishing community, which is good news. While the rise in holders might not immediately impact the price, it may indicate long-term interest in a cryptocurrency. The cryptocurrency is currently trading at $0.00001037, down by 5.46% in the last 24 hours, according to CoinMarketCap data.
The Shiba Inu was just introduced on the Uphold market, whereas the meme token was previously listed on the Indian cryptocurrency exchange Giottus and the Mexican cryptocurrency exchange Bitso in January.
Looking ahead, it is worth noting that SHIB has not seen a substantial price increase in almost two months, increasing nearly 1000% in October, but the currency has mostly been confined to lower lows and low highs since then.