Shiba Inu Records 16% Surge, Ousts Cardano and Secures Spot in Crypto Top 10

Shiba Inu (SHIB), a meme-based cryptocurrency, has surpassed Cardano (ADA) in terms of market capitalization, positioning itself as one of the top ten cryptocurrencies. With an impressive market value of $16.9 billion, SHIB has edged out ADA, which stands at $16.5 billion. This development has sparked speculation about the future of meme coins and whether they could become the next big thing in the crypto landscape.

Let’s delve into the details of SHIB’s remarkable ascent.

Shiba Inu’s meteoric rise to prominence has been nothing short of extraordinary. In the past 24 hours alone, SHIB’s price has surged by a staggering 16%, outperforming many other prominent cryptocurrencies. By comparison, Dogecoin (DOGE), another popular meme coin, experienced a more modest 2.4% increase, solidifying its position as the eighth-largest cryptocurrency by market cap.

The broader memecoin market has also witnessed significant gains. Dogewifhat (WIF), based on the Solana blockchain, saw a remarkable 21.4% jump, while Floki (FLOKI) and Bonk (BONK) recorded double-digit increases. Even Pepe (PEPE), with just a 1.1% rise, has managed to accumulate an impressive 18% growth over the past week.

However, despite SHIB’s recent surge, its current value is still 66% lower than its peak in October 2021. Nevertheless, a remarkable 70% of SHIB holders are currently in profit, with 76% having held the cryptocurrency for over a year. Lucie, the marketing lead for Shiba Inu, expressed her joy over the 16% surge and the milestone of surpassing Cardano, while Shytoshi Kusama simply exclaimed “WOOF” in excitement.

Looking ahead, the question arises as to whether SHIB can sustain its momentum and achieve new milestones in the fiercely competitive memecoin market. In 2021, SHIB briefly outpaced DOGE in terms of market cap, but there is still a significant $7 billion gap between them today.

So, are you holding onto your SHIB or waiting for the opportune moment to jump in?

Tags: Altcoins