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Meme coin Shiba Inu (SHIB) currently occupies ninth place by market capitalization, racing ahead of Cardano.
The meme meme coin is valued at $16.4 billion after adding 9.2% over the past week.
It is now breathing down the neck of archrival Dogecoin, which is currently in eighth place.
Following Shiba Inu's recent price spike, 67.07% of all addresses are currently in the money despite the fact that SHIB is still down as much as 67.7% from its current all-time high which was logged in October 2021. This is the largest percentage of holders in the money since March.
The second-largest meme cryptocurrency has managed to record substantial gains despite slowing Shibarium activity. On May 30, it recorded nearly 13,000 transactions after failing to break above the 10,000 mark for more than a week.
Is the meme coin season over?
After recording massive gains, major meme coins have now experienced significant losses.
For instance, both Dogecoin and Shiba Inu are down more than 3%.
Pepe (PEPE) and Floki (FLOKI) have crashed 9% and 11%, respectively.
Meanwhile, Solana-based Bonk is the top laggard among meme coins
The recent downturn comes after numerous celebrity meme coins faced scam accusations.
Meanwhile, the U.S. Securities and Exchange Commission recently issued an investor alert that specifically warns about pump-and-dump schemes that involve meme cryptocurrencies.