Markets
Shiba Inu (SHIB) overtakes Cardano (ADA) to enter top 10 crypto market
Meme cryptocurrency Shiba Inu (SHIB) has surpassed Cardano (ADA) in market capitalization, successfully emerging as one of the top ten cryptocurrencies. The current value of SHIB is US$16.9 billion, slightly more than that of ADA, which is US$16.5 billion. This significant milestone sheds light on the growing influence of memecoins in the crypto market.
Rising prices and market dynamics
The price of Shiba Inu has risen more than 16% in the last 24 hours, significantly outperforming major cryptocurrencies. However, another popular memecoin, Dogecoin (DOGE), witnessed a price increase of just 2.4%, ranking eighth in market value. Furthermore, a significant recovery is observed 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 edge with just a 1.1% increase but managed to add 18% last week.
Long-term performance and holder profits
Despite the recent rise in the price of SHIB, it remains 66% below its peak in October 2021. Currently, 70% of SHIB holders are profitable, with 76% holding the cryptocurrency for more than a year. Shiba Inu marketing lead Lucie celebrated SHIB’s 16% rise and overtaking Cardano, while Shytoshi Kusama added to the excitement with a simple “WOOF.”
Although SHIB surpassed DOGE in market cap in 2021, there is still a significant difference of $7 billion between them. The question is whether SHIB will be able to maintain this momentum and reach new milestones amid high competition in the memecoin market.