The global crypto market has seen many days of downtrend in June following the US SEC clampdown on top exchanges. The regulator even named more than 40 crypto assets securities in the lawsuits against Binance and Coinbase.
But amid these days of uncertainty, the popular dog-inspired crypto Shiba Inu (SHIB) recorded gains, surpassing many assets. SHIB’s price surpassed popular assets such as Cardano, Ethereum, Dogecoin, Binance Coin, Polygon, and XRP.
This performance has attracted crypto investors and enthusiasts to its ecosystem, watching the next moves for the meme coin.
SHIB Beats XRP, ETH, MATIC & ADA In Weekly Gains
According to CoinMarketCap, the Shiba Inu token SHIB gained a 6.3% increase in its 7 days price moves.
The reason the gain stood out is that top coins such as Ethereum (ETH), XRP (XRP), Cardano (ADA), and Polygon (MATIC) declined by 0.9%, 7.5%, 6.7%, and 6.3%, respectively, in 7 days while SHIB surged.
However, some coins, including Dogecoin (DOGE) and Binance Coin (BNB), recorded slight gains of 0.1% and 2.3% in the same period.
But Shiba Inu broke this record as it made the gains in a 5-day stretch. During the 5 days it rose, Shiba Inu value increased by 32%.
Shiba Inu Continued its Uptrend, Gaining 0.76% In 24 Hours
Today June 20, the SHIB’s price is also up in its 24-hour trading sessions. At the time of writing, CoinMarketCap data shows the coin has gained 0.9% in 24 hours. While the increase seems negligible, it shows that SHIB still aims to continue the uptrend.
Notably, a prediction on June 17 identified three price targets for SHIB to reach. A popular crypto analyst SHIB Knight speculated that SHIB’s next price targets would be $0.00000725, $0.00000736, and $0.00000752.
— $SHIB KNIGHT (@army_shiba) June 18, 2023
As the meme coin kickstarted its uptrend, it surpassed the target levels, maintaining the upward price trajectory beyond expectations.
But just like other assets that react to macroeconomic factors, SHIB saw some bearish effects on its price, retracing it to $0.00000716. As a result, SHIB’s value declined from its peak levels, following the selling pressure on the broader market outlook.
Ecosystem Development Continues Amid Bearish Market Trends
Even though the general crypto market is seemingly bearish due to regulatory uncertainty, Shiba Inu developers continue pushing for more utility.
Shiba Inu’s marketing team member, Lucie, reported the successful upgrade of the block explorer of Shibarium Beta-Puppynet, Puppyscan.
The explorer data shows that Puppynet connected 13.35 million wallets, a solid milestone achievement for the Shibarium beta.
Also, Puppynet recorded 20.11 million transactions with a total block count of 1.35 million. All these notable achievements could further influence SHIB’s upward move even before the launch of Shibarium.