Shiba Inu (SHIB) has notched a significant milestone with a 16% increase in its value, propelling its market capitalization to an impressive $16.9 billion. T
his surge has elevated SHIB above Cardano (ADA) in the rankings, bringing it tantalizingly close to breaking into the top ten cryptocurrencies by market cap, a position underscored by data from CoinGecko.
TLDR
- Shiba Inu (SHIB) experienced a substantial 16% surge in its value, boosting its market capitalization to nearly $17 billion and positioning it as the 11th largest cryptocurrency.
- This significant growth is part of a larger rally in the meme coin sector, where the total market capitalization has soared past $70 billion
- Despite its impressive surge, SHIB remains second to Dogecoin (DOGE) in terms of market cap within the meme coin category
- Shiba Inu’s growth is paralleled by increases in its trading volume and significant enhancements to its infrastructure, notably through the development of Shibarium
The enthusiasm for Shiba Inu is part of a broader trend within the meme coin sector, which has recently seen its overall market cap eclipse the $70 billion mark.
This revival is characterized by substantial price increases across many assets within the category, signaling a renewed interest in meme coins among investors.
Despite this surge, Shiba Inu continues to trail behind Dogecoin (DOGE), the leading meme coin with a market capitalization exceeding $24 billion.
However, SHIB’s recent gains highlight the fluid competition within this niche sector of the cryptocurrency market.
Key to SHIB’s recent success are the significant strides made in its ecosystem, particularly the enhancements associated with Shibarium, its layer-2 scaling solution.
This development is designed to reduce transaction costs and improve processing speeds, potentially increasing SHIB’s attractiveness as a transactional currency.
Moreover, SHIB’s trading volume has seen a remarkable increase, with recent figures reaching nearly $1.9 billion over 24 hours, surpassing other meme coins like DOGE and PEPE.
This uptick in trading activity is complemented by a surge in large transaction volumes, which have more than doubled in a day, signaling robust trading interest.
Investor sentiment around Shiba Inu has seen a positive shift, with a significant majority of holders now in profit according to analytics from IntoTheBlock.
This marks a dramatic improvement from last year when the vast majority of SHIB investors were underwater.
