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According to data from CoinMarketCap, the market cap of Shiba Inu's token SHIB has increased by a staggering half a billion dollars in just three days, according to data from CoinMarketCap. This meteoric rise was backed by an impressive over 10 percent price increase that launched the Shiba Inu token to new heights and cemented its place among the top performers in the crypto market.
With the last seven days of trading complete, SHIB has emerged as the third-ranked cryptocurrency among the top 100 cryptoassets by performance. A success of this magnitude puts the altcoin in a respectable position, falling behind only Bitcoin Gold (BCG) and Maker DAO (MKR).
SHIB is ranked 14th on the top performers list!
Moreover, this victory of the altcoin was not limited to being among the top performers. According to the portal's data, it has risen in the overall ranking of all cryptocurrencies, taking the 14th place out of more than 1.8 million coins.
The remarkable rise of the altcoin, which is currently valued at $5.1 billion, places it in an elite league, outpacing some of the world's well-known companies.
While trying to find the reasons for such performance, we can attribute the rapid increase in market value of the Shiba Inu token to the widespread confirmation of its potential and utility prior to the launch of Shibarium.
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