u.today
Following its recent rebound, dog-themed Shiba Inu ($SHIB) has made massive progress in the broader crypto ecosystem. Amid the general bullish wave in the crypto market, $SHIB has recorded significant gains, climbing from a low of $0.00001476 to over $0.000015.
Shiba Inu registers momentum as volume and market cap soar
As per CoinMarketCap data, $SHIB has risen to $0.00001594, marking a 3.13% increase in the last 24 hours. The meme coin rose to $0.00001607 as transaction volume soared before witnessing corrections.
Investors remain active, pushing trading volume up 3.71% to $595.15 million. This suggests renewed interest from $SHIB holders in the market.
The increased activity supported a spike in $SHIB’s total market capitalization. $SHIB now has a market cap of $9.3 billion, a development that helped it flip Hedera from the 15th position to 16th. Hedera’s market cap stands at $8.79 billion.
If $SHIB sustains its bullish momentum, it could take on Stellar ($XLM), XRP’s key rival. Notably, $XLM currently has a market cap of $9.404 billion. $SHIB is just about $100 million away from catching up with $XLM.
However, this relies on the assumption that $SHIB and $XLM will continue on their current growth trajectories. As of press time, $XLM maintained price growth of 0.25% against $SHIB’s 3.13%.
May's historical performance supports $SHIB to flip $XLM
If history repeats itself, $SHIB appears equal to flipping $XLM. Several factors suggest this is possible, including the current uptick in trading volume, bullish rally and historical data.
The meme coin has average growth of 61% in May and could lose another zero from its price. If $SHIB achieves that, it could become the 14th-ranked asset by market capitalization or even better.
This would require ecosystem support, particularly from loyal long-term holders who comprise 78% of the community.