The second-largest meme coin, shiba inu (SHIB), gained 4.6% in the past 24 hours. The bullish momentum shows a recovery after the recent bank collapses in the US.
Shiba inu is trading at $0.000011 at the time of writing, according to crypto.news data. The asset’s market cap is roughly $6.03 billion, with a fully diluted market cap of $6.49 billion.
Moreover, SHIB saw a massive drop to $0.0000097 on March 10, when the global crypto market cap dropped by almost $90 billion in less than 24 hours to $912 billion. The asset’s bearish movement started on March 3 following the collapse of the Silvergate Bank.
According to a tweet by Shibburn, almost 32 million SHIB tokens were burnt over the past 24 hours, showing a 94.6% drop. Over the last seven days, roughly 3.36 billion coins, worth around $37,000 at the time of writing, were sent to dead wallets.
It’s important to note that SHIB has also become the most traded token among the top ethereum (ETH) whales, according to Whale Stats. Per the data, the top 100 token holders have around $34 million worth of shiba inu on average.
Furthermore, the famous crypto influencer and founder of Gokhshtein Media, David Gokhshtein, stated his desire to use SHIB and FLOKI, the fourth-largest meme coin by market cap, for shopping.