As a long-term crypto investor with a keen interest in meme coins, I’ve been keeping a close eye on the latest developments within the industry. The recent surge of Shiba Inu (SHIB) to the tenth spot among the top 10 cryptocurrencies globally has caught my attention. This impressive achievement comes after SHIB overtook Cardano (ADA), and it’s not the first time this has happened.
Shiba Inu (SHIB), a well-liked meme coin and fan favorite in the crypto world, has advanced into the top 10 global crypto assets, leaving Cardano (ADA) behind. The token, known as a “Dogecoin-killer,” now holds the tenth position, pushing ADA down to the eleven spot.
As a crypto investor, I’ve noticed an impressive surge in SHIB‘s price within the last 24 hours, with it hitting a high of $0.00002931 and boasting a market capitalization of $16.74 billion. This valuation surpassed ADA‘s market cap, which stood at $16.44 billion. For a brief moment, SHIB even touched $17 billion early Wednesday morning before settling at its current market value of approximately $16.9 billion. Furthermore, I observed that SHIB managed to displace ADA on the platform with this price development.
Shiba Inuβs Rise amid Crypto Market Trends
During the recent achievement’s celebration, Lucie, Shiba Inu’s marketing head, casually mentioned that it wasn’t the first instance of the token surpassing ADA to secure a top spot among the crypto market leaders.
$SHIB flipped $ADA ( again today)
β πππππ | SHIB.IO (@LucieSHIB) May 29, 2024
Although SHIB has recently made strides, it still lags behind Dogecoin (DOGE), the dominant meme coin in the cryptocurrency sector. At present, DOGE holds the eighth position with a market capitalization of $24.16 billion.
The recent upward trend in SHIB can be attributed to a more optimistic outlook toward meme coins as a whole. Notably, other meme coins such as Floki, Dogewhiz, and Pepe have also seen substantial growth, with price hikes of 35%, 32%, and 27% respectively within the last 24 hours.
As a researcher examining the recent cryptocurrency market rally, I’ve observed significant growth within the Shiba Inu ecosystem. Specifically, trading volume for this particular coin reached an impressive nearly $1.9 billion. Compared to other popular meme coins like Dogecoin and Pepecoin, Shiba Inu’s network demonstrated superior performance with higher trading volumes. Dogecoin recorded approximately $1.2 billion in trading volume, while Pepecoin managed around $1.3 billion.
Factors Potentially Driving SHIB Rally
The surge in value of Shiba Inu lately can be explained by various reasons such as new collaborations, heightened investor attention, and advanced innovations within the Shiba Inu network.
Recently, the project enhanced its combustion process, leading to a significant surge in burn rate by a factor of six. Last week alone, approximately 10 million Shiba Inu tokens were incinerated, eliminating them permanently from circulation. The Shiba Inu team’s objective is to diminish its substantial token inventory through this mechanism, creating a sense of rarity and enhancing potential worth over the long term. To date, around 41% of the total SHIB supply has been destroyed using this process.
In April, the Shiba Inu team unveiled plans for an upgrade to their blockchain, Shibarium. This layer-2 scaling solution is intended to boost security and enhance user experience. The upgrade, completed in May, focuses on enhancing network stability and creating a solid base for upcoming initiatives.
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2024-05-29 14:03