SHIB’s market cap grows $1.7 billion in a week as bullish meme coin sentiment rises

Although the substantial price increases in the cryptocurrency sector since the year’s turn have started to slow down, Shiba Inu (SHIB) is still recording powerful advances on its charts, positioning it as the leader in daily market gains among all cryptocurrencies.

Indeed, Shiba Inu was at press time changing hands at the price of $0.00001209, recording an impressive increase of 15.17% across the past 24 hours, and assuming the first place among all digital assets by this indicator, according to the data retrieved from crypto tracking platform CoinMarketCap on January 18.

As it happens, SHIB is closely followed by Casper (CSPR) in second place with daily gains of 12.31% (currently trading at $0.03899) and Internet Computer (ICP), which has advanced 7.03% in the previous 24 hours (now trading at $5.45).

The current price of the decentralized finance (DeFi) dog meme token demonstrates an increase of 34.90% over the previous seven days, in addition to marking a cumulative growth of 39.18% compared to one month before, as the charts demonstrate.

Market cap and trading volume gains

It is also worth mentioning that Shiba Inu’s market capitalization presently stands at $6.62 billion, compared to $5.76 billion 24 hours earlier, which means that the token has seen an inflow of $870 million in its market cap in just one day. On top of that, SHIB’s market cap has grown by $1.7 billion or 34.55% in one week.

In the meantime, SHIB’s 24-hour trading volume stands at $916.32 million, demonstrating a whopping 122.76% increase compared to the $411.35 million recorded on January 11, according to the latest data retrieved by Finbold on January 18.

Although Shiba Inu’s gains could be ascribed to the bullish sentiment on the crypto market, positive developments surrounding its ecosystem, such as the SHIB team introducing fundamental concepts of the long-anticipated layer 2 blockchain Shibarium could have a significant influence on its further success.

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