Shiba Inu (SHIB) Makes Its Way Into CF Benchmarks’ Large Cap Index
Highlights
- CF Benchmarks has added Shiba Inu to its large cap index
- This including is one of a kind for the memecoin project
- Shiba Inu might further gain additional visibility from mainstream investors through CF Benchmarks
Shiba Inu (SHIB), the dog-themed memecoin bagged a notable win as it got recognized by CF Benchmarks, one of the world’s leading digital asset index providers. Shiba Inu making it into CF Benchmarks’ Large Cap Asset Index signals growth on the part of the token.
Benefits of the CF Benchmarks Indexing
The London-based company renowned for providing institutional-grade crypto benchmarks is notable for tracking high-ranking digital assets by market capitalization. CF Benchmarks offers insight into the viability of assets and for Shiba Inu to be on their radar is positive news.
Specifically, SHIB now joins other elite assets such as Bitcoin and Ethereum recognized by CF Benchmarks. This recognition bestows on Shiba Inu a sense of legitimacy previously lacking in the crypto world despite its huge number of Shiba Inu holders.
Notably, the inclusion on the CF Benchmarks index positions the token to be seen by a larger crop of institutional investors. Thus, investors looking to diversify their cryptocurrency exposure may look to SHIB, driving the buying demand and potentially stabilizing prices.
When this happens, the burn rate of the Shiba Inu ecosystem is likely to drop. The SHIB community uses burn rate to control supply and price depreciation with the latest burn rate surging remarkably to nearly 16,600%. This spike in burn rate occurred amid a sharp decline in SHIB price.
The Shiba Inu Credibility Boost
Other significance of Shiba Inu’s inclusion on the CF Benchmarks index include enhanced credibility and performance tracking by investors. As per credibility, the addition is a confidence booster to investors, both institutional and retail as it certifies SHIB’s project and its long-term potential.
Additionally, CF Benchmarks indices are relied upon by investment firms to track the performance of assets and determine the allocation of portfolios. The move signals that SHIB will be available for easier comparison with other large capitalization assets.
Shiba Inu’s inclusion besides being a win for the SHIB community is also a significant achievement for altcoins as institutional investors are now more likely to adopt them. Analysts believe it will drive the growth of altcoins to mirror those of Bitcoins.
Read More: Terra Luna Classic Core Developer Submits Major Proposal, LUNC to $1?
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- Crypto Market Correction Intensifies As S&P 500, DXY Enter Dangerous Territory
- BitGo To Follow Gemini’s Footsteps With US IPO After 4x Revenue Surge
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
