Prices shot up to 90%, this cryptocurrency is ready to overtake Shiba Inu

Reporter: SS. Kurniawan | Editor: SS Kurniawan

KONTAN.CO.ID – Coin poised to overtake Shiba Inu. The price of this cryptocurrency jumped 90% in the past week, after reaching an agreement as the main sponsor of the sports arena in downtown Los Angeles.

Referring data CoinMarketCap, Coin price on Tuesday (11/23) at 21:20 WIB was at US$ 0.809 or up 9.4% compared to the previous 24 hours. In the past week, the price jumped 90.73%.

This price increase made Coin’s market capitalization penetrate the US$ 20 billion mark, to be exact US$ 20.43 billion, occupying the 13th position of the crypto with the largest market capitalization in the world, under Shiba Inu’s US$ 23.30 billion. Coin’s market cap was still below US$10 billion on November 17 and soared to US$20 billion on Monday (22/11), before dropping slightly to US$19.47 billion on Tuesday (11/23).

Quotes Seeking AlphaLast week, Coin reached an agreement with sports entertainment company AEG to replace Staples as the main sponsor of the sports arena in Los Angeles, United States.

Also Read: Displaced by Bitcoin and Ethereum, Shiba Inu is no longer popular on Coinbase

The Staples Center, which opened in 1999, is home to four sports teams: the Los Angeles Lakers (NBA), Clippers (NBA), Sparks (WNBA), and Kings (NHL), and frequently hosts concerts and events such as the Grammy Awards. .

Through a 20-year naming rights agreement, the Staples Center will change its name to Arena, effective on Christmas Day or December 25.

The deal is worth more than $700 million over a 20-year span, two people familiar with the agreement told Bloomberg, as reported by Seeking Alpha.

“The resulting deal doubled the price of Coin and led to a $9 billion increase in market cap,” said Twitter account @Melt_Dem, as quoted Seeking Alpha. “Smart marketing strategy”.

Last week, Coin also announced a $100 million investment in an advertising campaign to spread awareness of the Singapore-based crypto brand.



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