With the beginning of the year 2023, Shiba Inu (SHIB) has started to gain strong momentum. The trading price of the second-largest meme coin has started gaining strong ground in the cryptocurrency market.
It is because of the constant surge in the trading value that the valuation of the meme coin has surged enough to provide it with a new status.
The data shows that the valuation of SHIB has grown enough to re-enter the list of top 10 cryptocurrencies with respect to market valuation.
It is important to mention that stablecoins are not included in the list.
Data Gathered by TradingView
TradingView, a major online data-gathering platform has gathered and shared information pertaining to the latest achievement of Shiba Inu.
The platform has just gone ahead and published a list of cryptocurrencies with their ranks and market valuations. The list represents the latest cryptocurrency statistics from the year 2023 but excludes stablecoins.
In early 2021, there was only a single stablecoin that had entered the list of top-10 cryptocurrencies, Tether (USDT).
However, in the year 2022, the cryptocurrencies started to lose their momentum and it was the stablecoins that had become more reliable.
Therefore, more and more stablecoins had found themselves on the list of top-10 cryptocurrencies. Even now, there are multiple stablecoins such as USDT, USDC, and BUSD in the list of top-10 crypto by valuation.
Therefore, TradigView has ignored the stablecoins while making the list of the top 10 most valued cryptocurrencies.
Shiba Inu Ranks Number 10
The latest list shared by TradingView shows Shiba Inu is the 10th largest cryptocurrency with respect to market valuation.
According to the report, Shiba Inu now ranks as the 10th largest cryptocurrency with a market valuation of $6.8 billion.
As always, Bitcoin (BTC) exists as the largest cryptocurrency with a market valuation of $444 billion. The valuation of BTC is even higher than the valuation of any other major stablecoin.
The second-largest crypto in terms of valuation is Ethereum (ETH). It reportedly has a valuation that is more than $195 billion, followed by Binance Coin (BNB).
The Binance Coin secures the third spot with a valuation that is worth $47 billion.
Growing Traction for Shibarium
No one would have imagined that the traction level for Shiba Inu would rise so much in the year 2023. It was just a year back when the adoption level for Shiba Inu had plunged to the bottom.
There wasn’t any utility or benefit that the native token of the network, SHIB was able to offer the users. This has the communities worried and concerned about the nature of the platform.
They wanted assurances if the network would survive long enough to make it through the crypto winter and once again, rise to fame.
Turns out, Shiba Inu started to make its presence known just as the year 2022 came to a close. The teams at Shiba Inu announced that they were working on the development of Shibariu, a layer-2 protocol for the network.
In addition to that, Shiba Inu announced that they were working on multiple projects such as Shibaswap, Shib Eternity, and Shib metaverse.
Shibaswap is a decentralized exchange that has been launched for Shib. Shib Eternity is a game that has been launched by the Shiba Inu team for the adoption of SHIB.
In addition to the above, Shiba Inu is also working on its own metaverse project where it wants to offer a wide range of utilities and experiences.
As per the latest updates, Shiba Inu has partnered with Bitpay, letting it be used on Amazon for payments. Crypto has also made it to the list of Binance Pay cryptocurrencies, meaning it can be used as a mode of payment.
These are the factors that have helped SHIB reach the level where it stands now.
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