Shiba Inu (SHIB) may not have been taken seriously as a crypto asset when it was first introduced, but the meme coin has steadily climbed the cryptocurrency rankings.
The newest signals of relief in the crypto markets following a protracted volatility may come as a surprise to many, but the most intriguing aspect of this rebound is that meme tokens have emerged as the largest gainers.
In the previous week or two, the majority of other coins have been bleeding from losses or barely able to stay afloat because of the ongoing crypto winter.
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Shiba Inu Continues To Defy The Trend
However, Shiba Inu has been able to defy the odds and increase by 45 percent over the past week. Wednesday’s Coingecko stats show that SHIB is currently trading at $0.00000975, down 9.5% from the last 24 hours.
Despite the profit-taking on Monday, the coin remained trading at the monthly highs near $0.00001196 on Tuesday. Nonetheless, it remains 85 percent below its all-time high of $0.00008, which was reached in October of last year.
The dog-themed token briefly surpassed Tron as the 13th biggest cryptocurrency by market valuation. Even Bitcoin and Ethereum’s seven-day gains of 2% and 8%, respectively, were eclipsed by this rally.
According to Yunometa’s founder, Arijit Mukherjee:
“Shiba Inu appears to be benefiting from hints of bottom fishing and a larger mood comeback on the cryptocurrency market.”
Yunometa noted that considering SHIB’s large social media presence and devoted fanbase, it’s not hard to understand why the coin’s price has risen in tandem with DOGE’s rally.
SHIB total market cap at $5.3 billion on the daily chart | Source: TradingView.com
Meme Token Takes Fed Stance Favorably
Jerome Powell, the chairman of the US Federal Reserve in the United States, stated on June 23 that the Fed was committed to tackling historically high inflation. In addition, he agreed that a rapid rise in interest rates could lead to job cuts.
The central bank’s more lenient position on interest rates looked to have a favorable effect on the equity and crypto markets. Meme coins outperformed the rest of the market following the Fed’s statement.
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Meanwhile, it is interesting to note that after rising as one of the leading meme-based cryptocurrencies over the past year, Shiba Inu’s prospects are deteriorating as a result of waning interest in the token as it continues to endure major price decline.
According to data provided by Finbold, the popularity score for Google search queries including the keyword “Buy SHIB” dropped by 100 percent over the past year, from 8 in June 2021 to zero this month.
Featured image Fintechs.fi, chart from TradingView.comNewsBTC