Shiba Inu continues to grow and overtakes Polygon in market capitalization

shiba inusthe 14th cryptocurrency, was one of the main gainers after the weekend sales, with prices currently down 5.69%. With a current market valuation of $5.66 billion, Shiba Inu surpassed Polygon’s $4.5 billion to become the 14th largest coin. However, according to data from Coinmarketcap, SHIB has a lower 24-hour trading volume than MATIC.

Meanwhile, despite the recent price drop, the number of Shiba Inu owners continues to rise. According to WhaleStats, the number of SHIB holders has grown to $1.619 million, overtaking the FTX token for the largest dollar holding.

MATIC, the native asset of the Polygon blockchain, is trading up 2.85% at a current price of $0.5708 as volatility continues in the crypto market. The cryptocurrency market succumbed to further selling pressure in May 2022 as Bitcoin fell to $17,500. The majority of altcoins are experiencing significant declines over the past 24 hours. At press time, many of the top 100 altcoin tokens have lost between 20% and 50% in the past seven days.

Shiba Inu, like the rest of the market, saw heavy sales on Friday and Saturday, but Sunday provided a much needed reprieve. The latest increase suggests a thriving community, which is good news. Although the increase in the number of holders may not have an immediate impact on the price, it may indicate long-term interest in a cryptocurrency. The cryptocurrency is currently trading at $0.00001037, down 5.46% in the past 24 hours, according to data from CoinMarketCap.

The Shiba Inu was just introduced on the Uphold market, while the meme token was previously listed on Indian cryptocurrency exchange Giottos and Mexican cryptocurrency exchange Bitso in January.

Looking ahead, it’s worth noting that the SHIB hasn’t seen a substantial price increase in nearly two months, rising nearly 1,000% in October, but the currency has been mostly confined to lows. and to highs since then.