Shiba Inu Surpasses Bitcoin and Ethereum on Coinbase, Just Below USDC
Shiba Inu (SHIB) has once again captured the attention of the crypto community, recently highlighted by community figure Lola, who showcased its standing on Coinbase as one of the major assets. According to the image shared by Lola, Shiba Inu ranks just below USDC on the list. Although some argue this positions Shiba Inu above established cryptocurrencies like Bitcoin and Ethereum on Coinbase’s asset list, the exact ranking criteria remain unclear. Hence, while the list underscores the top assets on the exchange, it may not be in a specific order.
Coinbase and Shiba Inu’s Position
The increasing acceptance and interest in SHIB among traders is notable. Despite a recent 9.03% drop in SHIB’s price at the time of Lola’s post, its position speaks volumes about its market presence. Alongside SHIB, other cryptocurrencies like Solana, XRP, and Litecoin also reflect varying degrees of market volatility. According to the community figure, this prominence challenges the skepticism often seen on Crypto Twitter, which has frequently underestimated SHIB’s potential.
Shiba Inu in the Broader Crypto Market
Shiba Inu’s prominence extends beyond Coinbase. The altcoin has also been spotlighted in Grayscale’s crypto assets list. In a June 28 post, Grayscale recognized Shiba Inu as one of the largest crypto projects by market cap, alongside giants like Bitcoin and Ethereum. This recognition came despite SHIB experiencing a significant monthly loss of 34.8% from May 26 to June 26. Nonetheless, these losses did not prevent SHIB from maintaining a strong market presence.
Technical Overview and Market Performance
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Technically, Shiba Inu continues to show resilience. According to data from IntoTheBlock, its market cap stands at $9.11 billion, with a current price of $0.000017, marking a 7.45% increase in the last 24 hours. Notably, 52% of SHIB holders are currently profitable at this price, indicating positive sentiment. Shiba Inu also features a high concentration of large holders (73%). Additionally, SHIB’s high price correlation with Bitcoin (0.9) suggests it may closely follow Bitcoin market trends.
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