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Shiba Inu Secures Elite Status in Market Rankings Among Meme Coins
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In an extraordinary demonstration of market dynamics, Shiba Inu took second place on VanEck MarketVector’s Meme Coin Index. This achievement is a huge milestone for Shiba Inu, which continues to attract attention from the cryptocurrency community.
MercadoVecto, a subsidiary of VanEck, has joined the meme coin bandwagon, launching a new index focused on the wildly popular token category. The Meme Coin Index, which trades under the ticker MEMECOIN, tracks the top six meme tokens.
Shiba Inu is the second largest holding in the index, with a weight of 28.34%. Other names include Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and BONK.
The Meme Coin Index returned 137.96% in gains this year, demonstrating the impressive growth of meme coins, most notably Shiba Inu. This index is now the best performing on MarketVector.
Shiba Inu Market Performance
Shiba Inu enjoyed an impressive surge at the start of the year, rising nearly 300% to highs of $0.000045 on March 5. Shiba Inu briefly entered the top 10 cryptocurrencies by market capitalization before falling to 11th place with a current market capitalization of $13.18 billion.
Following its meteoric rise, Shiba Inu found profit-taking, giving up some of its gains, but was still up 155% on a one-year basis, according to CoinGecko data.
The 155% increase in the value of SHIB can be attributed to several factors. Technical analysts refer to SHIB’s continued strong support levels, which were points of resistance in early 2023. This tenacity in holding critical support levels signals strong market sentiment and room for further growth.
While Bitcoin has also seen a substantial increase, at 120% annually, SHIB’s 155% gains are particularly notable. At the time of writing, SHIB is down 0.19% over the past 24 hours to $0.0000224, reflecting overall lackluster activity in the crypto market.
About the author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging estimated market trend forecasts. Tomiwabold graduated from the University of Lagos.