Shiba Inu has proven that it’s not about what you start as but the prospect of your project and the framework to ensure a progressive enterprise. Considered a meme coin, Shiba Inu has grown to become a top-15 crypto asset by market cap. This comes amidst recent bullish trends that have seen the asset rally with other cryptocurrencies.
With a market cap of $6.4B, SHIB has overtaken TRX as the 15th largest crypto
According to data from CoinMarketCap, Shiba Inu is now the 15th largest cryptocurrency in the space by market capitalization, having overtaken Tron (TRX), which is now placed 16th. Shiba Inu now has a market cap of $6.48B, a few million above TRX, which currently has a market capitalization of $6.19B as of press time.
The meme coin created as an alternative to Dogecoin has seen massive gains since its inception in August 2020, prompting its growth over the years. Furthermore, the project has gained popularity in the crypto space, especially on Twitter, partly due to its correlation with Dogecoin. This has fueled investor interest and given the asset some publicity.
Shiba Inu crashed with the rest of the crypto market in the past few months but has in the past week staged a comeback as well, and its market cap appears to have surged astronomically. A month ago – in June, when the Crypto Winter was at its harshest – Shiba’s market cap was at $5.2B. Today, we see an additional billion dollars added, helping it rise above TRX.
Shiba announces partnership with prominent visualization studio TTF
The upsurge in SHIB’s market cap can be traced to recent bullish events attracting investors. On July 20, American mobile game developer, William David Volk, taking to Twitter, noted that something interesting was coming to Shiba Inu. This got the Shiba community excited, as noticed in the comment section, with some people asking to know what the game veteran was talking about.
Also, on July 20, Shiba Inu announced a partnership with prominent visualization studio, The Third Floor (TTF), to see TTF develop a virtual environment for the Shiba Inu Metaverse project. TTF is responsible for some of the works in the Marvel Cinematic Universe and the Star Wars franchise.
Furthermore, a day after, Singapore-based payments platform JeriPay announced that a collaboration with payment processing solution FCFPay would see the platform accept payments in Shiba Inu.
Shiba is trading at $0.00001179 at press time, down by 4.5% in the past 24 hours. The asset has, however, seen an increase of 11.47% in the past week.