Shiba Inu (SHIB) Surpasses Cardano (ADA) to Enter Top 10 Crypto Market

Shiba Inu (SHIB) Surpasses Cardano (ADA) to Enter Top 10 Crypto Market

Coinpedia Fintech News

Meme cryptocurrency Shiba Inu (SHIB) has surpassed Cardano (ADA) in market capitalization, emerging as one of the ten leading cryptocurrencies. SHIB's current value is $16.9 billion, slightly more than ADA's $16.5 billion. This milestone highlights the growing influence of memecoins in the crypto market.

Surging Prices and Market Dynamics

SHIB's price surged over 16% in the last 24 hours, outperforming top cryptocurrencies. Dogecoin (DOGE), another popular memecoin, experienced a modest 2.4% price surge and remains in eighth place by market cap. The broader memecoin market also saw significant rallies. Solana-based Dogewifhat (WIF) hiked by 21.4%, while Floki (FLOKI) and Bonk (BONK) posted double-digit gains. Pepe (PEPE) lagged behind with only a 1.1% increase but has gained 18% over the past week.

Long-Term Performance and Holder Profits

Despite the recent surge, SHIB remains 66% below its October 2021 peak. Currently, 70% of SHIB holders are profitable, with 76% holding the cryptocurrency for over a year. Shiba Inu's marketing lead, Lucie, celebrated SHIB's 16% surge and overtaking of Cardano, while Shytoshi Kusama added to the enthusiasm with a simple "WOOF."

Although SHIB surpassed DOGE by market cap in 2021, a significant $7 billion gap still exists between them. It remains to be seen whether SHIB can sustain this momentum and reach new milestones amidst the competitive memecoin market.