The bulls failed to stay put in the cryptocurrency market. Shiba Inu (SHIB) and its counterparts were seen drowning in the Red Sea. At press time, the asset was trading at $0.00001322, with a nearly 3% decline over the past 24 hours. SHIB went from a high of $0.0000135 to $0.0000126.
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Shiba Inu’s Market Performance And Potential Benefits
Increase in Large Transactions
Amidst this, Shiba Inu has an increase in large transactions. According to data from IntoTheBlock, SHIB saw a 171% rise in substantial transaction volume. This means that whales were making big moves in the meme coin market. But the asset’s price was plunging, which means there were more selling and internal movements than buying.
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Potential Benefits From A Spike In The Global Market Cap
The overall cryptocurrency market cap is currently at $2 trillion. Bitcoin (BTC) accounts for about $1.12 trillion of global market value. Shiba Inu’s market value stands at $7.79 billion at press time. An increase in market cap could put SHIB holders at an advantage.
Predictions And Future Market Cap
Even though the market cap is stuck at $2 trillion, predictions around the industry moving toward $5 trillion were highlighted. Ripple CEO Brad Garlinghouse previously made this forecast. If this turns out to be accurate, Shiba Inu’s market capitalization will increase from its current range to $19.846 billion.
Also Read: Why Is the Cryptocurrency Market Crashing Today? Explained
In addition, the $19.846 billion valuation is equivalent to $0.00003368 on the market for Shiba Inu. This result represents a notable growth rate of just 155% of the current SHIB price. This could boost the number of SHIB holders at a profit.
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