Shiba Inu (SHIB) has marked a significant milestone by registering a 16% increase in its value over a single day, propelling its market capitalization to approximately $16.9 billion.
This surge not only elevated SHIB above Cardano (ADA) in market rankings but also edged it closer to entering the top ten cryptocurrencies by market cap, according to recent data from CoinGecko.
TLDR
- Shiba Inu (SHIB) experienced a remarkable 16% increase in its value, pushing its market capitalization close to $17 billion and making it the 11th largest cryptocurrency by market cap.
- This surge is part of a broader increase in the meme coin market, which has seen its overall market capitalization exceed $70 billion
- Despite the recent surge, SHIB remains the second-largest meme coin, trailing behind Dogecoin (DOGE), which maintains a market cap of over $24 billion.
- The increase in SHIB’s value coincides with significant growth in its trading volume and the advancement of its technical infrastructure, including the development of Shibarium, its layer-2 scaling solution.
- A substantial percentage of SHIB holders are currently seeing profits, a stark contrast to last year’s market position
The rise of Shiba Inu is part of a larger wave of enthusiasm in the meme coin sector, which has seen a general uplift, with the total market capitalization for the category surpassing $70 billion.
Notable performers include several assets experiencing double-digit gains, highlighting a resurgence of interest in meme-inspired cryptocurrencies.
Despite its significant gains, SHIB still ranks second in its category, behind the pioneer meme coin, Dogecoin (DOGE), which boasts a market cap exceeding $24 billion.
The interest in Shiba Inu isn’t just a reflection of speculative trading but correlates with tangible developments within its ecosystem.
A crucial element supporting SHIB’s recent price surge is the increased trading volume, which reached nearly $1.9 billion over the last 24 hours.
This figure surpasses that of DOGE and other competitors, indicating a robust trading activity.
SHIB’s involvement in large transactions has seen a considerable uptick, with daily aggregated volumes for transactions above $100,000 increasing by 135%.
Further bolstering SHIB’s market position are developments around Shibarium, its anticipated layer-2 solution designed to enhance transaction efficiency by reducing costs and increasing speed.
This platform aims to differentiate SHIB from other cryptocurrencies by adding value through technological innovation.
The rising fortunes of Shiba Inu have had a noticeable impact on its community.
According to data from IntoTheBlock, about 70% of SHIB holders are currently in profit.
This is a significant turnaround compared to last year when the majority of holders were facing losses, reflecting improved market conditions and growing confidence in SHIB’s long-term potential.
