Who would have thought that a dog-themed Ethereum-based ERC-20 token would take the whole world by storm? Shiba Inu [SHIB] entered the crypto-verse and decided to change its dynamics forever. The asset thrived in terms of popularity as well as price. Now, the market cap of Shiba Inu overpowered another popular meme coin and even took over its spot.
Dogecoin [DOGE] has been a frequent visitor to the crypto spotlight. Even if its price didn’t note any drastic changes, endorsements from Elon Musk always kept the asset relevant. However now, a brand new meme coin was stealing DOGE’s thunder. Despite Musk’s confession of owning zero SHIB, the altcoin managed to flourish.
Earlier today, Shiba Inu surged beyond Dogecoin and took over its spot as the 9th largest cryptocurrency. This caused a major uproar in the crypto market. The fervor around the asset grew so much that Coinbase faced “connectivity issues” unable to handle the increased demand.
The trading volume of SHIB raced to the top further causing strain on Coinbase. This heightened demand in the asset also disrupted the functions of other prominent crypto exchanges.
However, noticing a slight correction, Shiba Inu slipped back below Dogecoin. At the time of writing, the market cap of SHIB was at $36.3 billion, whereas Dogecoin’s market cap was at a high of $39.3 billion. While the disparity between the two wasn’t that big, the chances of SHIB flipping DOGE again were considerably high.
Shiba Inu [SHIB] records new all-time high
The meme coins were seemingly running the market. While the entire crypto-verse was painted in red, SHIB and DOGE were the only two assets bagging gains. Bitcoin’s downfall didn’t seem to have the slightest impact on these assets as they continued to hustle.
During press time, SHIB was trading for $0.00007111 with a 22% surge over the last 24-hours. A few hours ago, the asset hit an all-time high of $0.00008845.This barely comes as a surprise as the altcoin grew by a whopping 115% during the previous seven days.