Shiba Inu Surpasses Binance USD in Market Cap as Long-Term Holders Soar
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The meteoric rise to fame of the Shiba Inu is a story for the ages. Born from a meme, the cryptocurrency has managed to shake up the crypto industry in its own unique way. Its recent surge in market capitalization, surpassing that of Binance USD, has reaffirmed to many that Shiba Inu is here to stay.
One of the reasons for Shiba Inu’s success can be attributed to the recent launch of its layer-2 network, Shibarium, also known as Puppynet. The network has seen a surge in the number of connected wallets, rising from 4.05 million to almost 8 million in just one weekend. The increased adoption of the network has significantly contributed to the cryptocurrency’s positive performance.
Long-Term Shiba Inu Holders Surpasses 835K
Another contributing factor to Shiba Inu’s success is the increasing number of long-term holders. According to IntoTheBlock data, Shiba Inu now has over 835,780 long-term holders, accounting for 67% of all addresses holding the meme coin. This suggests that investors are beginning to see digital assets as valuable assets that can be held for long-term benefits.
On the other hand, BUSD, the stablecoin, has been struggling since Paxos announced it would stop minting new tokens. The stablecoin’s supply has since dropped by approximately $10 billion, leading to its delisting by Coinbase and Binance, which removed its special privileges like the zero-trading fee. It is a stark reminder that even stablecoins can be susceptible to various factors, including supply and issuers’ decisions.
Shiba Inu’s success has been nothing short of incredible, and its recent surge in market capitalization is a testament to that.
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