Shiba Inu Creates A Frenzy As It Surges By 30%, Overtakes Avalanche.

Shiba Inu ranks among the leading cryptocurrencies that have recently witnessed massive adoption by individuals and businesses. Therefore, one would believe its immense utility progression would influence the price. However, SHIB has remained stagnant despite the ecosystem’s projects, burning exercises, and whale activities.

Nevertheless, the meme token recorded a massive surge over the weekend. In the past 24 hours, the SHIB coin boosted to a high of 0.00001774, a 90-day high, while other prominent digital assets were nose-diving in the market. According to Santiment, the sudden rise in whale transactions could have caused a 30% value increase.

🐱📈 #ShibaInu has been on the move this weekend, and is up +34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months. https://t.co/Nq78D7h88k pic.twitter.com/9JTtGMMQcj
— Santiment (@santimentfeed) August 15, 2022

Shiba Inu Surges By 7% to Flip Avalanche.

It was not all wins for the Dogecoin Killer as its price dropped to $0.00001584 despite surging by 7.23% in the past 24 hours.

However, the memecoin’s market cap boosted significantly to $8.63 billion, leading the dog-themed asset to overthrow Avalanche as the 12th largest cryptocurrency.

JUST IN: Shiba Inu has flipped #Avalanche to become the 12th largest cryptocurrency in the world by market value.
— Watcher.Guru (@WatcherGuru) August 14, 2022

This development has given the Shib Army hope that someday, they can overtake Dogecoin on the table as the most significant memecoin. However, the Shiba Inu community is currently celebrating their win over rivals, DOGE, regarding social media interactions.

Additionally, SHIB’s social mentions also significantly improved. The token’s social strength mirrored its price chart as it hit its highest point in the last 90 days.

Lekan Eyinade

Lekan Eyinade is a resourceful crypto content creator and copywriter with over two years of experience writing compelling cross-channel copies for web content, press releases, newsletters, and advertising materials.

He is adept at various communication formats, including feature articles, headlines, blogs, and social media and has used his skills to promote cryptocurrency adoption.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.