SHIB Trends on CMC Despite Price Dropping in the Last Week

Shiba Inu (SHIB) has made its way to the trending list on CoinMarketCap. SHIB is currently ranked 4th on the list behind Bitcoin (BTC), ApeCoin (APE), and STEPN (GMT).

According to the cryptocurrency market tracker, CoinMarketCap, SHIB is ranked 15th in terms of market cap. Despite the meme coin trending in the markets, the price of SHIB is still down 0.76% in the last 24 hours and is down by more than 5% in the last week.

At the time of writing, SHIB stands at $0.00002464 according to CoinMarketCap, and the project has a total market cap of approximately $13.53B. In the last 24 hours, the collective trading volume of SHIB is 21,433,839,908,768 SHIB, which is around $528,121,105 at the current price of the coin.

It seems that investors are more focused on the long term of the project given that the total number of addresses for SHIB is 1,135,008, and the number of active addresses in the last 24 hours is 14,645.

The bullish medium to long term outlook on the project could have something to do with the project’s development team announcing late last year that they will be adding more utility to the project, with the aim of ridding the token of its meme coin status.

One such event that proves that the team was serious about the major shift in the project’s utility is the recent launch of Shiba Inu’s Metaverse plot sale. SHIB holders, also known as the ShibArmy on social media platforms, rushed this week to purchase plots of land in the virtual world.