Shiba Inu (SHIB) Overtakes Cardano (ADA), Securing a Spot in the Top 10 Cryptocurrency Market

Shiba Inu (SHIB), a meme-inspired cryptocurrency, has achieved a major milestone by surpassing Cardano (ADA) in market capitalization, solidifying its position among the top ten cryptocurrencies. Currently valued at $16.9 billion, SHIB’s market cap slightly exceeds ADA’s $16.5 billion. This achievement highlights the growing influence of memecoins in the crypto market.

In terms of price performance, SHIB has experienced a remarkable surge of over 16% in the past 24 hours, outperforming many leading cryptocurrencies. In contrast, Dogecoin (DOGE), another popular memecoin, has only witnessed a 2.4% price increase, placing it in eighth position based on market cap. The broader memecoin market has also seen significant rallies, with Solana-based Dogewifhat (WIF) surging by 21.4%, and Floki (FLOKI) and Bonk (BONK) experiencing double-digit gains. Pepe (PEPE), on the other hand, has had a more modest increase of 1.1%, but it has managed to add 18% over the past week.

Despite the recent surge, SHIB still remains 66% below its peak in October 2021. However, a substantial portion of SHIB holders, 70%, are currently profitable, and 76% have held the cryptocurrency for over a year. Lucie, the marketing lead for Shiba Inu, celebrated SHIB’s 16% surge and its overtaking of Cardano, while Shytoshi Kusama expressed enthusiasm with a simple “WOOF”.

Although SHIB surpassed DOGE in terms of market cap in 2021, there is still a significant $7 billion gap between the two. The question now arises as to whether SHIB can maintain its momentum and achieve new milestones in the highly competitive memecoin market.

Tags: Altcoins