Shiba Inu (SHIB) Emerges as a Dominant Force, Ranking as the 17th Largest Token by Market Capitalization

Shiba Inu has emerged as a dominant force in the crypto market, ranking as the 17th largest token by market capitalization.

Shiba Inu is quickly becoming a hot topic in the crypto sphere, especially with the increasing interest in exchange-traded funds (ETFs). Clocking in as the 17th largest token by market capitalization, it's surprising that no financial institution has yet proposed a SHIB-based ETF in the United States.

As major asset managers ramp up efforts to launch ETFs for meme coins like Dogecoin (DOGE) and the recently launched Official Trump (TRUMP) token, Shiba Inu supporters are becoming increasingly vocal. They are eager to see the renowned meme coin join the ETF market.

In response to this demand, the Shiba Inu ecosystem team has been stepping up their game. Marketing lead Lucie has been diligently engaging with the community and highlighting why SHIB deserves a spot in the ETF market.

According to Lucie, Shiba Inu has already surpassed the meme coin stage and is now a decentralized and community-driven project with long-term viability. It's also widely available, listed on more than 110 crypto exchanges.

Those trades are executed in 212 different trading pairs, which createsno problems for liquidity and volume—especially in the two major trading pairs, SHIB/USDT and SHIB/BTC. It’s basically everywhere: easy to access, easy to trade.Is SHIB good for an ETF? YES.Will boomers invest in a “doggy coin”? Also yes.Because SHIB isn’t just a meme—it’s a decentralized community project with long-term vision. And it’s good to add that if someone could manipulate SHIB, they could also manipulate Bitcoin. But institutions aren’t stupid. They know SHIB is too big to be baid by a single billionaire. To baid SHIB, you'd need at least 500 billion. But to baid Bitcoin, you'd need at least 1 trillion. And even then, it wouldn’t be guaranteed. It’s a new world out there!

Another interesting tidbit: A new project is launched around SHIB every week. Even if the market changes drastically, the SHIB ecosystem will continue to grow. It's not dependent on a single CEO or a small team working in an office. Instead, it's powered by a decentralized community of developers who are constantly building and expanding the project. But even without an ETF filing yet, chances of SHIB approval have increased. The U.S. Securities and Exchange Commission (SEC) recently clarified that meme coins are not considered securities, eliminating a major regulatory hurdle for SHIB's ETF prospects.

In other news, bullish sentiment continues to build around the token. Over the past 24 hours, SHIB experienced a 1.38% price rise, reaching $0.00001314. Its price ranged from $0.0000128 to $0.00001317.

As of press time, on Thursday, August 24, SHIB is priced at $0.00001311 and has a 24-hour trading volume of $104.37 million. Its present market value stands at $12,408,645,166, and the token count is an astronomical 1.01 quadrillion.

Shiba Inu price today is $0.00001314, up 1.38% in the 24 hours.

Shiba Inu price ranges in the past 12 hours are $0.0000128 and $0.00001317, and its lowest price in the past week is $0.00001263, compared to its highest price of $0.0000132.

As of August 24 at 03:54:00, price movements show a 4.29% increase in futures open interest on Coinglass, reaching $125.76 million. Meanwhile, derivatives trading volume experienced a 33.60% surge, summing up to $78.18 million.

Despite the recent price surge, Shiba Inu is still down by 7.57% from its peak price of $0.00001419, reached on August 15.

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