Shiba Inu (SHIB), the second-largest memecoin by market capitalization, is on its way to overtake Dogecoin (DOGE) from its leading position. With a market cap difference of about $2.1 billion, members of the Shiba Inu community are enthusiastic that SHIB will soon surpass DOGE for the first time.
SHIB to Overtake DOGE
Hours ago, DOGE’s market cap was significantly higher than that of SHIB, exceeding a $5 billion difference. However, SHIB has been able to climb its way to a current market cap of more than $23.9 billion. On the other hand, DOGE holds a market cap of over $26.1 billion.
Recall that SHIB flipped several prominent cryptocurrencies over the last 24 hours. These crypto assets include Tron (TRX), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT). With this surge in market cap, SHIB jumped from being among the lowest in the top 20 cryptocurrencies to the 11th position among leading cryptocurrencies. Notably, SHIB has also surpassed Avalanche (AVAX), which currently ranks as the 12th largest cryptocurrency.
SHIB owes its success to a revival of investors’ interest in the memecoin. Despite starting as a meme, Shiba Inu has garnered attention through several functionalities added to its ecosystem. One is Shibarium, an Ethereum-based layer 2 network developed for the Shiba Inu community. Since the L2 blockchain launch last year, the memecoin-themed network has attracted the attention of more retail and institutional clients. Some wallet providers have even added support for Shibarium.
The Shiba Inu team has also introduced a token burn mechanism into its SHIB token to bolster the asset’s value and downsize inflation.
SHIB Soars 56% in 24 Hours
Over the last 24 hours, SHIB has grown by 56% to a trading price of $0.00004067. The price movement also represents a groundbreaking 288% surge over the past seven days. The SHIB army is confident that the memecoin will soon attain new heights as the uptrend continues.
Source: CoinStats
