Markets
Shiba Inu (SHIB) surpasses Cardano (ADA) and enters the top 10 of the cryptocurrency market
Meme cryptocurrency Shiba Inu (SHIB) has surpassed Cardano (ADA) in terms of market capitalization, successfully emerging as one of the top ten cryptocurrencies. SHIB’s current value is $16.9 billion, slightly higher than ADA’s, which is $16.5 billion. This significant milestone sheds light on the growing influence of memecoins in the cryptocurrency market.
Rising prices and market dynamics
The price of the Shiba Inu has increased by more than 16% in the last 24 hours, significantly outperforming major cryptocurrencies. However, another popular memecoin, Dogecoin (DOGE), saw a price increase of only 2.4%, ranking eighth by market capitalization. Furthermore, a significant rally is observed in the broader memecoin market. Solana-based Dogewifhat (WIF) rallied 21.4%, while Floki (FLOKI) and Bonk (BONK) posted double-digit gains. However, Pepe (PEPE) remains at the limit with an increase of only 1.1%, but managed to gain 18% in the last week.
Long-term performance and holder profits
Despite the recent rise in SHIB prices, it remains 66% below its October 2021 peak. Currently, 70% of SHIB holders are in profit, of which 76% have held the cryptocurrency for over a year. Shiba Inu marketing manager Lucie celebrated SHIB’s 16% surge and overtaking Cardano, while Shytoshi Kusama added excitement with a simple “WOOF.”
Although SHIB surpassed DOGE in terms of market capitalization in 2021, a significant gap of $7 billion still exists between them. The question is whether SHIB will be able to maintain this momentum and reach new heights amid the high competition in the memecoin market.