Shiba Inu Surges 16%, Topples Cardano to Enter Crypto Top 10
Elena R29 May 20241 min read
Meme cryptocurrency Shiba Inu (SHIB) has rocketed past established player Cardano (ADA) to claim a spot amongst the top ten cryptocurrencies by market cap. With a current market value of $16.9 billion, SHIB has edged out ADA’s $16.5 billion, leaving many wondering: is this a sign of a changing crypto landscape? Could memecoins be the next big thing?
Read on to find out more about SHIB’s meteoric rise.
Shiba’s Quick Rise to Fame
In the last 24 hours, Shiba Inu’s price surged by over 16%, outpacing many leading cryptocurrencies. By comparison, Dogecoin (DOGE), another popular memecoin, saw a smaller 2.4% increase, keeping its position as the eighth-largest cryptocurrency by market cap.
Memecoins on the Move!
The broader memecoin market also experienced notable gains. Solana-based Dogewifhat (WIF) jumped by 21.4%, while Floki (FLOKI) and Bonk (BONK) saw double-digit increases. Even Pepe (PEPE), with just a 1.1% rise, has added 18% over the past week.
Evaluating Profitability
Despite SHIB’s recent surge, its current value is still 66% below its peak in October 2021. Yet, 70% of SHIB holders are profitable, with 76% having held the cryptocurrency for over a year. Lucie, Shiba Inu’s marketing lead, celebrated the 16% surge and the milestone of overtaking Cardano, while Shytoshi Kusama expressed excitement with a simple “WOOF.”
The Road Ahead: Can SHIB Keep Up the Momentum?
In 2021, SHIB briefly surpassed DOGE by market cap, but there is still a $7 billion gap between them today. The question now is whether SHIB can maintain its momentum and reach new milestones amidst tough competition in the memecoin market.
Are you hodling SHIB, or are you waiting for the right time to jump in?
