Shiba Inu Adds $5.6 Billion Into its Market Cap in Less Than a Day

Shiba Inu has continued to surge in value gaining more than 50% in the last 24 hours to trade at 0.000044, a new all-time high.

This bullish momentum has been helped by inflows of about $5.64 billion throughout October 23-24 from $11.02 billion to $16.66 billion.

In addition, this new record comes a week when SHIB has barely traded in the green, recording a significant addition of new users, over 750,000 holders. On October 18, the coin had onboarded 40,000 new users in just 10 days with investors looking at the price target of $1.

Recently, the Shiba Inu token is the trending crypto among traders and investors. The memecoin gained prominence among users arising from a new wave of interest in meme cryptos that was initiated by the rival Dogecoin. The token runs on the Ethereum blockchain and stands out directly, competing with established coins.

Note that SHIB token was also the most widely used non-stablecoin token on the Ethereum network. At that time, SHIB had only 102,746 unique senders, 66,194 unique receivers, bringing it to 132,708 in total unique users.

Currently, about 40% of the total Shibu Inu coins circulating on the market are in the public’s hands. What's more exciting, #SHIB is the trending hashtag on Twitter right now.