- Outperforming major cryptocurrencies, Shiba Inu has a 6.7% jump, placing it second on Robinhood’s list of top gainers.
- The price of SHIB had a spike to about $0.00003 on May 29 before declining, however it was still up 16.4% monthly and 2.74% weekly.
- Trading has shifted resulting from the nearly 4 trillion SHIB tokens that have entered exchanges in two weeks.
The meme-based cryptocurrency Shiba Inu (SHIB), has made an unexpected rise to second place according to the Robinhood’s list of the top 10 weekly gainers. This surprising jump places SHIB ahead of many well-known cryptocurrencies, showing how strong its market performance has been. Robinhood reports that Shiba Inu experienced a price increase of 6.7% over the past week, trailing only behind Uniswap (UNI), which saw a larger surge of 14.6%.
The performance of Shiba Inu has recently surpassed those of other well-known cryptocurrencies listed on Robinhood. With increases of 5%, 2.9%, and 2.5%, respectively, AAVE, Chainlink (LINK), and Ethereum (ETH) all made the top five. With a 1% weekly rise, Bitcoin (BTC), the largest cryptocurrency in the world by market capitalization, came in sixth place. Compound (COMP) increased by 0.7% as well, coming in at position seven.
Chainlink, trading at $18.58 at press time, with a volume of $438,922,860 in a day, continues to record an increase of 2.41% in the last 24 hours. Meanwhile, Ethereum shows a slight increase of 0.57% with a price of $3,793.54 recording a trading volume of $13,061,024,654 in the last 24 hours.
SHIB was affected by the recent downtrend in the overall market, leading many traders to sell their SHIB holdings. According to crypto analyst Ali Charts, in the past two weeks, over 4 trillion SHIB tokens, valued at around $103 million, were moved to exchanges. This considerable transfer of SHIB tokens suggests a substantial amount of trading activity, probably influenced by the market’s ups and downs and how investors feel about it.
Shiba Inu’s recent performance highlights its volatile yet promising nature in cryptocurrency. Securing the second position on Robinhood’s top gainers list underscores SHIB’s potential and growing investor interest.
