In a remarkable turn of events, Shiba Inu (SHIB) has climbed the ranks to become the 10th largest cryptocurrency by market capitalization, overtaking Avalanche (AVAX) and Cardano (ADA). This milestone achievement has propelled SHIB to a market cap of $16.9 billion, compared to Cardano’s $16.5 billion, according to CoinMarketCap.
This rise in market position comes amidst a recent bearish trend for Shiba Inu, which saw a 2.29% decline over the past week and a 0.36% dip over the month. Despite these setbacks, SHIB experienced a notable 1% increase in the last 24 hours, trading at $0.00002541. This surge underscores SHIB’s resilience and growing influence in the cryptocurrency market.
Notably, SHIB’s performance has outpaced that of its major competitor, Dogecoin (DOGE). While DOGE, which holds the eighth spot in market capitalization, saw a modest 2.4% increase, SHIB surged by over 16% in the same 24-hour period, highlighting its potential to challenge DOGE’s dominance in the meme coin category.
Can Shiba Inu Repeat Its 2021 Market Cap Feat?
The meme cryptocurrency sector is witnessing a broader rally, with other smaller tokens like Solana-based Dogwifhat (WIF) and Floki (FLOKI) seeing significant gains of 21.4% and double-digit percentages, respectively. Even Pepe, with a modest 1.1% increase, added 18% over the past week, indicating a robust interest in meme coins across the board.
Historically, SHIB had a brief moment in the spotlight in October 2021 when it surpassed DOGE in market cap. While it remains uncertain if SHIB can repeat this feat, the current $7 billion gap between the two suggests a challenging road ahead. Despite this, SHIB has shown remarkable recovery, with data from IntoTheBlock indicating that 70% of SHIB holders are profiting at current prices, and 76% have held the asset for over a year.
Looking forward, market sentiment around Shiba Inu is optimistic. Projections from Changelly predict double-digit increases, with SHIB potentially reaching $0.00003433 in the coming days. This bullish outlook is fueling positive sentiment among SHIB investors, who are hopeful for sustained growth.
As SHIB continues to navigate the volatile crypto market, its ability to maintain momentum and achieve further milestones will be closely watched. For now, Shiba Inu is firmly on a path of notable growth and increasing influence in the cryptocurrency world.