Although the collapse of FTX caused the overall market to fall, meme coins have performed better than most cryptocurrencies. When Elon Musk took over Twitter, he caused SHIB to reach a new all-time high, after which it started to compete with DOGE.
Crypto assets, including meme coins like Shiba Inu (SHIB), have not performed significantly well over the last few weeks. Although prices have declined, the story changed as the market seemed to be going to see high volatility.
The strength of the bears influenced the value of crypto assets considerably, leading them to move downward. Furthermore, the recent collapse of the FTX cryptocurrency exchanges caused an adverse situation in the market.
Despite the bearish trend in the market, the prices of leading meme coins have moved significantly. Although that event caused the overall market to fall, those assets performed better than most cryptocurrencies.
While the price of Dogecoin (DOGE) has increased by nearly 14%, SHIB has also made a significant bullish movement. That new strength has attracted further attention toward the token, which might grow more significantly in the coming weeks.
The Price of SHIB Might Jump in the Short Term
The bearish trend and other adverse factors have not prevented the price of SHIB from reaching substantial levels. During the lean period, several top whales held massive amounts of the meme coin.
According to Whale Stats, as many as 500 Ethereum whales held over USD 76 billion worth of SHIB. Besides, the holdings of the top 100 long-term holders on the Ethereum chain had not changed significantly.
When Elon Musk took over Twitter, the price of Shiba Inu increased, causing it to reach a new all-time high. After that, SHIB competed favorably against DOGE, provoking discussions online about which meme coin will hit USD 1 first.
Although SHIB lost what it had accumulated due to the collapse of FTX, investors still have hope.
SHIB Has Been One of the Safest Crypto Assets
The crypto industry has experienced growing fear and doubt due to the FTX collapse and the subsequent turns of events. For that reason, investors now look for safe investment options to keep their funds safe.
According to a report from Santiment Insights, Shiba Inu is one of the safest crypto assets in which to invest.
Earlier this week, around 1.8 trillion SHIB coins moved across various cryptocurrency exchanges. Additionally, top whales transferred similar amounts following the collapse of FTX.
Shiba and Uniswap have generally been among the crypto assets with the lowest buying risk. However, the Market-Value-to-Realized-Value (MVRV) ratio indicates they are at the bottom among the top 10 tokens.
SHIB is trading at around USD 0.00000935 and has accumulated a 0.3% gain over the last 24 hours. While its daily trading volume is above USD 125.80 million, its market capitalization is about USD 5.50 billion, according to CoinGecko.
Investors should research SHIBA or any other crypto asset before buying it to learn about its all-time high, behavior, and possible future prices. It is only a matter of time before seeing where the market will take the value of that meme coin.
By Alexander Salazar