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Shiba Inu rises 16%, drops Cardano and enters the Top 10 of crypto
Meme cryptocurrency Shiba Inu (SHIB) has overtaken established player Cardano (ADA) to claim a spot in the top ten cryptocurrencies by market cap. With a current market cap of $16.9 billion, SHIB has surpassed ADA’s $16.5 billion, leaving many wondering: is this a sign of a shift in the crypto landscape? Could memecoins be the next big thing?
Read on to discover more about SHIB’s meteoric rise.
Shiba’s Rapid Rise to Fame
In the last 24 hours, Shiba Inu’s price has risen by more than 16%, outpacing many major cryptocurrencies. In comparison, Dogecoin (DOGE), another popular memecoin, saw a smaller increase of 2.4%, maintaining its position as the eighth largest cryptocurrency by market cap.
Memecoins on the move!
The broader memecoin market has also seen notable gains. Solana-based Dogewifhat (WIF) jumped 21.4%, while Floki (FLOKI) and Bonk (BONK) saw double-digit increases. Even Pepe (PEPE), up just 1.1%, rose 18% in the last week.
Assessing profitability
Despite SHIB’s recent rise, its current value is still 66% below its peak in October 2021. However, 70% of SHIB holders are profitable, with 76% holding the cryptocurrency for more than a year. Shiba Inu Marketing Lead Lucie celebrated the 16% increase and the milestone of surpassing Cardano, while Shytoshi Kusama expressed excitement with a simple “WOOF.”
The way forward: Can SHIB keep pace?
In 2021, SHIB briefly surpassed DOGE in market cap, but there is still a $7 billion difference between them today. The question now is whether SHIB will be able to maintain its momentum and reach new milestones amid stiff competition in the memecoin market.
Are you controlling SHIB or are you waiting for the right moment to take action?