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SHIB’s market valuation increases by more than 33% following a $3.5 billion injection
After a $3.5 billion influx, the Shiba Inu (SHIB) meme cryptocurrency has begun to reverse its downward trend and gather pace.
The token was trading at $0.000027742 today, up 22.49 percent in the previous 24 hours and 33.12 percent in the past seven days.
SHIB’s market capitalization increased by nearly $3.5 billion in the preceding week, going from $11.43 billion on February 1 to $15.28 billion on Monday February 7.
Earlier this month, however, it was announced that SHIB lost 4,223 holding addresses between January 28 and February 3, 2022, bringing its overall number to 1,161,661.
SHIB’s nearly three-month new holder gaining streak came to an end as a result of the decrease.
Last week was a bit of a drop for the whole crypto market as a result of a significant increase in profit-taking.
The crypto correction occurred in tandem with a steep drop in the stock market and Russia’s vow to prohibit cryptocurrency.
However, this week began well after Russia’s proposed crypto ban was scrapped, with reports of increased energy use in Irkutsk as more Russians mine.
