Markets
Shiba Inu (SHIB) Overtakes Cardano (ADA) to Enter Crypto Market Top 10
The Meme Shiba Inu (SHIB) cryptocurrency has overtaken Cardano (ADA) in terms of market capitalization, becoming one of the top ten cryptocurrencies. SHIB’s current value is $16.9 billion, slightly more than ADA’s value of $16.5 billion. This milestone highlights the growing influence of memecoins in the crypto market.
Rising prices and market dynamics
Shiba Inu price has surged more than 16% in the past 24 hours, significantly outperforming major cryptocurrencies. However, another popular memecoin, Dogecoin (DOGE), only saw a 2.4% price increase, ranking eighth in terms of market capitalization. Additionally, a significant rally is seen in the broader memecoin market. Solana-based Dogewifhat (WIF) rose 21.4%, and Floki (FLOKI) and Bonk (BONK) saw double-digit gains. However, Pepe (PEPE) remains on the edge with an increase of just 1.1%, but managed to add 18% over the past week.
Long-term performance and holder profits
Despite SHIB’s recent price surge, it remains 66% below its October 2021 peak. Currently, 70% of SHIB holders are profitable, with 76% having held the cryptocurrency for over a year. Shiba Inu’s head of marketing, Lucie, celebrated SHIB’s 16% rise and Cardano’s overtaking, while Shytoshi Kusama added to the excitement with a simple “WOOF.”
Although SHIB has surpassed DOGE in terms of market capitalization in 2021, a significant gap of $7 billion still exists between them. The question is whether SHIB can maintain this momentum and achieve new milestones amid strong competition in the memecoin market.