Shiba Inu (SHIB), the second-largest memecoin in terms of market capitalization, is poised to surpass Dogecoin (DOGE) and claim the top spot. With a difference in market cap of approximately $2.1 billion, members of the Shiba Inu community are filled with excitement, anticipating that SHIB will soon overtake DOGE for the first time.
Just a few hours ago, DOGE held a significantly higher market cap compared to SHIB, with a difference of over $5 billion. However, SHIB has managed to climb its way up and currently boasts a market cap of more than $23.9 billion, while DOGE stands at over $26.1 billion.
It’s worth noting that SHIB has already surpassed several prominent cryptocurrencies in the past 24 hours, including Tron (TRX), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT). This surge in market cap has propelled SHIB from being one of the lowest-ranking cryptocurrencies in the top 20 to now occupying the 11th position among leading cryptocurrencies. Furthermore, SHIB has even surpassed Avalanche (AVAX), which currently holds the 12th spot.
The success of SHIB can be attributed to a revival of investors’ interest in the memecoin. Despite its origins as a meme, Shiba Inu has garnered attention through the addition of various functionalities to its ecosystem. One notable addition is Shibarium, an Ethereum-based layer 2 network developed specifically for the Shiba Inu community. Since its launch last year, this memecoin-themed network has attracted the attention of both retail and institutional clients. Some wallet providers have even started offering support for Shibarium.
The Shiba Inu team has also implemented a token burn mechanism for its SHIB token, aiming to increase the asset’s value and reduce inflation.
In the past 24 hours alone, SHIB has experienced a staggering 56% growth, reaching a trading price of $0.00004067. This price movement represents an impressive surge of 288% over the past seven days. The SHIB community is confident that the memecoin will continue to reach new heights as the upward trend persists.
