Shiba Inu Inches Closer to Surpassing Dogecoin, Bringing Joy to SHIB Army
Shiba Inu (SHIB), the second-largest memecoin based on market capitalization, is poised to surpass Dogecoin (DOGE) in terms of popularity. The Shiba Inu community is excited about the possibility of SHIB overtaking DOGE for the first time, as there is currently a difference of around $2.1 billion in market cap between them.
Earlier, DOGE had a significantly higher market cap than SHIB, with a difference of over $5 billion. However, SHIB has managed to climb its way up and now has a market cap of more than $23.9 billion, while DOGE’s market cap stands at over $26.1 billion.
In the past 24 hours, SHIB has surpassed several prominent cryptocurrencies, including Tron (TRX), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT). This surge in market cap has propelled SHIB from being one of the lowest-ranked cryptocurrencies in the top 20 to the 11th position. Notably, SHIB has also surpassed Avalanche (AVAX), currently ranked as the 12th largest cryptocurrency.
The success of SHIB can be attributed to the renewed interest from investors. Despite starting as a meme, Shiba Inu has gained attention through various functionalities added to its ecosystem. One such feature is Shibarium, an Ethereum-based layer 2 network developed for the Shiba Inu community. Since its launch last year, Shibarium has attracted the attention of both retail and institutional clients, with some wallet providers even adding support for it.
The Shiba Inu team has also implemented a token burn mechanism for the SHIB token to increase its value and reduce inflation.
In the past 24 hours, SHIB has experienced a 56% growth, reaching a trading price of $0.00004067. This price movement represents a remarkable surge of 288% over the past seven days. The SHIB community is confident that the memecoin will continue to reach new heights as the upward trend continues.
Source: CoinStats
