Shiba Inu (SHIB) Soars 18% as Crypto Market Recovers

Cover image via U.Today

According to data provided by CoinGecko, the leading meme cryptocurrency, Shiba Inu (SHIB), has surged by over 17%.

The meme cryptocurrency is currently trading at $0.0000268 on major spot exchanges. It previously peaked at $0.00002795.

With a current market capitalization of $15.8 billion, SHIB ranks as the 12th largest cryptocurrency.

Dogecoin (DOGE) remains the largest meme coin by market cap, currently valued at $23.2 billion.

However, SHIB is not the top-performing cryptocurrency over the past 24 hours. Meme cryptocurrency Bonk (BONK) has experienced a remarkable surge of over 42% in that period.

Pepe (PEPE) and Floki (FLOKI) have also gained approximately 20%, aligning with the broader bullish trend.

SHIB Nearing Cardano's Market Cap

SHIB is now within striking distance of surpassing Cardano (ADA) by market capitalization. ADA currently holds a market cap of $17.7 billion, ranking it 11th.

Despite its recent rally, SHIB remains over 68% below its all-time high.

Post-Halving Rally

Contrary to expectations that the recent halving event would lead to a sell-the-news scenario, the cryptocurrency market is currently experiencing gains.

Bitcoin (BTC), the largest cryptocurrency, has gained over 2% over the past 24 hours.

The altcoin rally appears to be even more pronounced, with Ethereum (ETH), BNB (BNB), Solana (SOL), and Avalanche (AVAX) all posting gains of over 4% in the same period.

Bitcoin dominance is now approaching a drop below the 50% threshold.