In a surprising turn of events, Shiba Inu (SHIB) has experienced a significant surge in its market capitalization, taking it to the number 11 spot in the global cryptocurrency market.
According to data from CoinMarketCap, SHIB’s market cap currently stands at $15.75 billion, representing a 33.78% surge in the past 24 hours.
SHIB Flips TRX, LINK, and MATIC
With $15.75 billion in market cap, SHIB has now surpassed established cryptocurrencies, including Tron (TRX), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT).
In contrast, TRX market cap stands at $12.36 billion, LINK at $12.05 billion, MATIC is at $10.92 billion, and DOT is at $12.73 billion. This places DOT at 12 on the list, followed by TRX at 13, LINK at 14, and MATIC at 15.
SHIB Performance
The rise in SHIB’s market cap coincides with the rally of the memecoin. At the time of writing, the memecoin traded at $0.00002668, representing a 33.82% surge in the past 24 hours and an 182% increase over the past week. Notably, this is SHIB’s highest level in two years.
While the specific reasons behind SHIB’s recent rise remain unclear, several factors could be at play. Factors such as the growing popularity of memecoin, increased interest from institutional investors, and trading volume might have contributed to the surge.
With the current performance, analysts are even predicting a more bullish outlook for the dog-themed memecoin in the coming weeks. In a recent statement, Shiba Inu marketing lead Lucie predicted that SHIB could experience a surge of 800% in a week, citing factors such as slow burns and steady demand. An 800% will automatically remove a zero from SHIB’s current price and propel it to a new all-time high (ATH).
Meanwhile, data from on-chain analyst IntoTheBlock shows that with its current price, 69% of SHIB holders are currently in profit, while just 24% are at a loss. Moreover, according to the data, 7% of SHIB holders are either at a profit or a loss.
