Cryptocurrency news: Shiba Inu to break into top 20 with 49% return; Bitcoin up by 7.0%

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The world’s biggest and oldest cryptocurrency Bitcoin increased by 7.07% to $55,095.15 levels on Thursday, while Polkadot rose by 1.75% to $2,439.21. Ethereum, the second largest token inclined by 1.22% to $3,531.04. Seven of the top cryptocurrencies were trading in red in the last 24 hours. Solana was the top laggard which declined by 4.94%, followed by Alt Coin Cardano and USD Coin which fell by 2.34% and Binance Coin falling by 1.88%. In terms of ranking all the cryptocurrencies remained in the same position as yesterday.

Cryptocurrency prices

SHIB to break into top 20 as Shiba Inu climbs by 49%

As soon as an anonymous buyer decided to buy 6.3 trillion Shiba Inu coins and raise SHIB coin’s valuation, the memecoin also saw another spike in value and emerged as one of the most traded coins by volume, this week.

The growth has skyrocketed SHIB’s position and is now the 33rd largest cryptocurrency in the world with a market cap of $8.7 billion, which is approximately Rs 65,141 crores.

The spike has also been due to a tweet from Tesla boss Elon Musk, which had a photo of his pet Shiba Inu pup named ‘Floki Frunkpuppy’ sitting on an open front hood of a Tesla.

Demand for cryptocurrencies in India fueling growth in Asia and Oceania

India’s widespread demand for digital coins is facilitating regions across central and southern Asia and Oceania, making them one of the fastest-growing markets for cryptocurrencies, according to chainalysis.

As per the report, the regions are witnessing stronger expansions after the middle east and much of Europe, with India and Pakistan markets growing by 641% and 711% respectively over the past 12 months.

Apart from India, the report also found an increasing adoption of cryptos in Pakistan and Vietnam. However, India’s share of activity on decentralized finance was 59% higher as compared to the latter two nations. According to the report, regional crypto-related venture capital investment jumped.

It also said that large institutional-sized cryptocurrencies transfer above $10 million from India was at 42% as against 28% from Pakistan and 29% from Vietnam.