- Shiba Inu has surged into the top 10 cryptocurrencies globally, displacing Cardano with a market cap exceeding $16.74 billion.
- The rise is attributed to strategic partnerships, renewed investor interest, and recent technological upgrades, including a significant increase in token burning and the deployment of Shibarium, a layer-2 scaling solution.
In a surprising turn of events, Shiba Inu (SHIB), the popular meme coin, has surged into the top 10 crypto assets worldwide, overtaking Cardano (ADA). This remarkable rally has garnered attention from crypto enthusiasts and investors alike, attributing SHIB’s ascent to strategic partnerships, renewed investor interest, and technological advancements within its ecosystem.
Shiba Inu’s Rise amid Crypto Market Trends
Shiba Inu, often referred to as the “Dogecoin-killer,” now proudly occupies the tenth spot in the global crypto rankings, pushing ADA to the eleventh position. In the past 24 hours alone, SHIB’s price jumped nearly 15%, reaching $0.00002931 and achieving a market cap of $16.74 billion. At its peak, SHIB briefly touched $17 billion early Wednesday morning before stabilizing around $16.9 billion. This milestone highlights the growing acceptance and investment interest in SHIB.
$SHIB flipped $ADA ( again today) pic.twitter.com/cSu2fZuwcn
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 29, 2024
Lucie, the marketing lead at Shiba Inu, noted that this is not the first time SHIB has surpassed ADA, emphasizing the coin’s resilience and potential. Despite this achievement, SHIB still trails behind Dogecoin (DOGE), the leading meme coin, which currently holds the eighth-largest crypto position with a market cap of $24.16 billion.
The recent surge in SHIB’s value mirrors a broader positive sentiment towards the meme coin sector. Other meme coins such as Floki, Dogwifhat, and Pepe have also experienced significant gains, increasing by 35%, 32%, and 27% respectively over the past 24 hours. The Shiba Inu ecosystem itself has seen substantial growth during this rally, with trading volumes soaring to nearly $1.9 billion. In comparison, other meme coins like DOGE and PEPE recorded $1.2 billion and $1.3 billion in trading volumes, respectively.
Factors Potentially Driving SHIB Rally
Several factors contribute to Shiba Inu’s impressive rally. Key among them are strategic partnerships, heightened investor interest, and recent technological upgrades. One significant development is the enhancement of SHIB’s burning mechanism, which increased the burning rate by 600%. Last week alone, approximately 10 million SHIB tokens were permanently removed from circulation, with the aim of reducing the coin’s large supply and increasing its scarcity and potential value. To date, the SHIB team has destroyed about 41% of the total supply through this burning mechanism.
The Shiba Inu team announced in April their plans to upgrade the token’s blockchain, Shibarium, a layer-2 scaling solution designed to improve security and enhance the overall user experience. The upgrade, which concluded on May 2, aims to bolster the network’s stability, laying a robust foundation for future projects.
Shiba Inu’s rise to the top 10 crypto assets globally is a testament to its growing influence in the cryptocurrency market. As strategic initiatives and technological advancements continue to unfold, SHIB’s potential for further growth and stability becomes increasingly apparent, marking an exciting era for the meme coin and its investors.
