Grayscale Classifies Shiba Inu Among Valuable Cryptocurrencies

Sahana Kiran
Shiba Inu
Source – Watcher Guru

Shiba Inu [SHIB] has been a favorite among many. The asset has proved to be much more than a meme coin over the past several days. It looks like SHIB has been getting the attention it deserves. Grayscale, a prominent crypto asset management firm put SHIB under the top cryptocurrency networks by market capitalization.

The company tweeted a list of the market’s most valued assets on X, [formerly Twitter]. The post recorded weekly, monthly, annual, and year-to-date returns for the top 10 cryptocurrency assets. About six assets saw negative weekly returns. This included XRP, Bitcoin, and Shiba Inu. Solana, Toncoin, and Tron, on the other hand, had significant increases and emerged as the top performers.

The SHIB market was not without its challenges. Over the past few weeks, there has been a significant decline in the asset. SHIB suffered the most loss as its price fell by 34.8% between May 26 and June 26. Shiba Inu’s rival Dogecoin, saw a monthly loss of 24.9% for its investors. With a value decrease of just 3.7% throughout the observation period, Binance Coin [BNB] experienced the least amount of monthly decline.

Also Read: Shiba Inu Burns Surge 101%: $0.01 Price Incoming For SHIB?

Shiba Inu Shines In The Yearly Charts

Shiba Inu had a great start to the year. The asset showed impeccable growth initially. The above-10 assets highlighted in Grayscale’s report have shown profitable returns over the last 12 months. Solana, Toncoin, BNB, and SHIB have been the most notable among them. SHIB saw a rise of 140.4% throughout the year. Toncoin recorded a rise of 460.7%, and Solana surged by 822.8%.

Top coins were still dominating the market. Ethereum & Bitcoin saw gains of 88.3% and 105%. XRP seemed to have a dull year as it grew by only 1.6% since last June.

Also Read: Fact Check: Did Binance Delist Shiba Inu?