Shiba Inu Secures Elite Status in Market Rankings Among Meme Coins

In an extraordinary display of market momentum, Shiba Inu has clinched the second spot in VanEck's MarketVector's Meme Coin Index. This achievement is a big milestone for Shiba Inu, which continues to attract the attention of the cryptocurrency community.

MarketVecto, a VanEck subsidiary, has joined the meme coin bandwagon, launching a new index focused on the hugely popular token category. The meme coin index, which trades under the ticker MEMECOIN, tracks the top six meme tokens.

Shiba Inu is the second-largest holding in the index, with a weight of 28.34%. Other names include Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI) and BONK.

The Meme Coin Index has returned 137.96% in gains this year, demonstrating the impressive growth of meme currencies, with Shiba Inu standing out. This index is now the top performer on MarketVector.

Shiba Inu market performance

Shiba Inu saw an impressive surge earlier in the year, rising about 300% to highs of $0.000045 on March 5. Shiba Inu briefly entered the top 10 cryptocurrencies by market capitalization before slipping to 11th place with a current market capitalization of $13.18 billion.

Following its meteoric rise, Shiba Inu encountered profit-taking, giving up some of its gains, but it is still up 155% on a one-year basis, according to CoinGecko data.

The 155% increase in SHIB's value can be attributed to several factors. Technical analysts refer to SHIB's continued strong support levels, which were points of resistance in early 2023. This tenacity in maintaining critical support levels signals strong market sentiment and room for additional growth.

While Bitcoin has also seen a substantial increase, up 120% yearly, SHIB's 155% gains are particularly notable. At the time of writing, SHIB was down 0.19% in the last 24 hours to $0.0000224, reflecting the overall lackluster activity on the crypto market.