Max E.Mon, Feb 7, 2022 2:25 PM
Shiba Inu (SHIB): 7 February Price Digest
On February 7, Shiba Inu (SHIB) cryptocurrency surprised the market with a sharp jump.
The price of the Shiba Inu cryptocurrency has increased by almost 25% in the last 24 hours. At the time of writing it was $0.00002745. Trading volume increased by 356.19% to $2,898,885,481.
SHIB/USDT. Source: TradingView
The last time the cryptocurrency was traded at such prices was on January 18 of this year.
Due to the fact that the purchasing power of retail traders has remained low lately, and the supply was concentrated in the hands of medium-term holders, who, even after a slight recovery, took profits, the coin did not show a positive price movement.
The total growth of cryptocurrency over the past seven days was more than 34%. With this growth, Shiba Inu has become the sixth best-selling coin after Tether, Bitcoin, Ethereum, Bitcoin Cash and Binance USD. On the leading American exchange Coinbase, this token ranks third.
Although the coin managed to take 14th place in terms of capitalization, the price of Shiba Inu is now below its all-time peak of 67.47%.
The reason for the growth of the coin may be the general background of the crypto market, which has been in positive territory for the last 24 hours.
Another growth factor was the efforts of the project team to launch new use cases. So, we know about the upcoming opening of Shiba Inu fast-food chain in Italy. Also, the public test network of the Shiba Inu Layer 2 solution will soon be launched.
As the price of the token rises, the dominance of Shiba Inu whales on the Ethereum network has risen again. Whales currently hold $1.5 billion worth of SHIB tokens in their wallets, according to WhaleStats.