Shiba Inu (SHIB) Outperforms Cardano (ADA) in This Key Metric: Details
SHIB has flipped ADA, MATIC, DOT, and other cryptocurrencies in the past 24 hours: check out in what terms.
TL;DR
- Shiba Inu’s value surged, outperforming Cardano in a significant indicator signaling ecosystem growth.
- Associated cryptocurrencies, BONE and TREAT, saw major price increases, while LEASH did not follow this trend.
Shiba Inu’s Progress
One of the leading meme coins by market capitalization – Shiba Inu – erased a zero from its valuation following a rally experienced earlier this week. The coin’s performance remained solid in the following days, with its price charting substantial gains today (February 28).
SHIB trading volume on a daily scale has also been on the rise, surpassing the $1.1 billion mark (per CoinGecko’s data). Thus, it flipped Cardano (ADA), whose figure currently stands at approximately $740 million.
Additional cryptocurrencies that have a higher market capitalization than Shiba Inu but recorded less trading volume in the last 24 hours, include Avalanche (AVAX), TRON (TRX), Polkadot (DOT), Polygon (MATIC), Uniswap (UNI), and more.
There are many other metrics related to the Shiba Inu ecosystem that have exploded in the past 24 hours. As CryptoPotato reported , the number of total blocks on the layer-2 blockchain solution Shibarium reached 1.4 million, while total transactions are just south of the 400 million milestone.
SHIB’s burn rate exploded by a whopping 1,900%, resulting in over 100 million tokens removed from circulation. Last but not least, Shiba Inu aggregated transaction volume (where each transaction exceeds $100,000) soared by 120%, whereas daily active addresses shot by over 160%.
SHIB-Related Coins Also in the Green
Some cryptocurrencies associated with Shiba Inu’s ecosystem, including Bone ShibaSwap (BONE) and Treat Token (TREAT), have caught the green wave in the market, witnessing considerable surges.
BONE has jumped by 7% on a daily scale and approximately 25% in the last month. TREAT’s ascent has been much more impressive, skyrocketing by 150% in the past 24 hours.
On the other hand, Doge Killer (LEASH) – the second token in the Shiba Inu ecosystem – failed to follow the bullish trends, with its price trading at approximately the same levels observed as yesterday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Interactive Brokers (IBKR.US) Q3 revenue increased by 16% year-on-year, announces over 70% increase in quarterly dividend
Driven by growth in net interest income and commission income, Interactive Brokers' Q3 net revenue increased by 16% year-on-year, with adjusted earnings per share rising by approximately 18% year-on-year.
CoreWeave default probability exceeds 60%! Jensen Huang "puts out the fire": Financing costs are declining, no need for NVIDIA to backstop
After Jensen Huang's speech, CoreWeave's stock price, which had fallen by as much as 9.5% in early trading, turned positive. The company's five-year CDS rose above 1,190 basis points during Thursday’s session, a historical high reflecting the cost of debt default protection, while yields on some of its corporate bonds have climbed above 15% to 16%. The five-year CDS spreads for Oracle, Amazon, Google’s parent company, and Meta are all at historically high levels. Deutsche Bank analysts believe that as the AI capital expenditure cycle is increasingly supported by debt rather than free cash flow, investors must place greater emphasis on signals from the credit market. Overall, while AI-related financing costs are not yet excessively high, worrying signs have begun to emerge.
Bitcoin volatility trends show Bitcoin is less volatile than 57% of S&P 500 stocks
Wall Street is wary of Bessent making another move to suppress yields; key clues may emerge this Friday
This Friday, major primary dealers of government bonds will receive the U.S. Treasury's routine survey before the refinancing announcement is released. Citigroup expects the survey may hint at a reduction in long-term bond issuance, or even the cancellation of 20-year U.S. Treasury bonds. Morgan Stanley emphasizes: "The next two refinancing announcements will be crucial, especially the one in November, which comes right after the midterm elections."
Crypto prices
More
