– Cryptocurrencies are in disarray due to global volatile markets, macroeconomic uncertainties, fear of recessions, monetary policy tightening, and dampening of investors’ confidence.
– Surprisingly, there is one stablecoin, in particular, that was defying this trend. This would be none other than Shiba Inu, one of the top stablecoins listed on cryptocurrency exchanges.
– Shiba Inu is famous for its unique token which is inspired by a very special dog and has gained quite a popularity in a short period.
– The crypto market is struggling currently with the valuation diving below $880 billion on Tuesday. Major cryptocurrencies have taken a massive beating due to panic selling resulting in hefty losses for investors, exchanges, and others.
– But amid the chaos and pressure, Shiba Inu has emerged as a success story with returns of more than 31% in a year. The token has also outperformed the leader Bitcoin.
– Currently, both Shiba Inu and Bitcoin are trading in the red. The leader Bitcoin has erased its $20,000 mark.
– On Coingecko, currently, Bitcoin is trading at $19,818.35 down by 3.1%. Its market cap is around $378.37 billion, meanwhile, market dominance is around 41.125%.
– At the same time, Shiba Inu is trading at $0.00001033 lower by 5.7% with a market cap of $6.09 billion. Unlike Bitcoin, Shiba Inu’s dominance is of a fraction in the market to the tune of 0.662%%.
– As per the Coingecko data, in a month, Bitcoin has nosedived by over 30%, and the yearly decline is more than 42%. On the contrary, Shiba Inu has made a nearly 11% gain in a month and skyrocketed by at least 31.5% in a year.
– According to platform Coin98 Insights, in the last 24 hours, over $600 million traded volume for meme tokens with Shiba Inu witnessing massive demand.
– From its all-time low in September 2020, Shiba Inu has climbed by a breathtaking 1,25,81,233.91%. The token’s return on investment (ROI) is 6,36,771.46%, as per CoinMarketCap. Meanwhile, Bitcoin’s ROI is around 14,573.3%
– The broader crypto market is struggling with a tight liquidity situation. Many crypto exchanges like Binance, Celsius, CoinFlex, Vauld, and Voyager Digital among others have halted their withdrawals due to sharp selloffs in cryptocurrencies wiping out significant wealth, and even leading to a collapse of hedge funds like Three Arrow Capital (3AC) who have opted for liquidation.
– Miners like Riot Blockchain Inc., Argo Blockchain Plc, and Core Scientific Inc., operate millions of energy-intensive computers