Shiba Inu's Market Cap Increases by $130 Million as 4 Quadrillion SHIB Enter Exchanges
CryptoNewsTerminal Staff31 May, 2024
Shiba Inu's Market Cap Increases by $130 Million as 4 Quadrillion SHIB Enter Exchanges
Shiba Inu (SHIB), the popular meme cryptocurrency, witnessed a significant influx of tokens onto exchanges in the past two weeks. According to data from Glassnode, a leading blockchain analytics firm, 4 quadrillion SHIB, valued at approximately $130 million, entered exchanges during this period. This influx of SHIB into exchanges suggests that some holders may be looking to take profits, potentially putting downward pressure on the token's price. However, SHIB has experienced a notable surge in popularity and value in recent months, recently flipping Cardano (ADA) to claim the 10th spot on CoinMarketCap's list of cryptocurrencies by market capitalization. Despite the recent dip in price, SHIB remains a strong performer in the cryptocurrency market. Its large and active community and increasing adoption as a payment option continue to drive interest and support for the token.
