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In an interesting development, dog-themed cryptocurrency Shiba Inu (SHIB) has overtaken Avalanche (AVAX) in market capitalization.
As reported, Avalanche had overtaken SHIB to claim 11th place in the crypto market rankings in the past week as SHIB experienced profit taking, a scenario that has now been reversed this week. Shiba Inu now ranks as the 11th largest cryptocurrency by market cap, pushing Avalanche to 12th place.
Positive sentiment around Shiba Inu, coupled with broader bullish trends on the cryptocurrency market, has contributed to the token's price gain of over 5% in the last 24 hours.
The gains occurred as Ethereum surged about 5% during the same period, topping the advance among major tokens while Bitcoin (BTC) fell 1%.
Last week's approval of Ethereum (ETH) exchange-traded fund (ETF) filings in the U.S. persuaded some traders to shift attention to meme tokens. A handful of meme tokens are rising, which includes Shiba Inu.
SHIB was up 4.32% in the last 24 hours to $0.2556 at the time of writing. This growth has propelled Shiba Inu to overtake Avalanche, with a current market capitalization of $15.13 billion compared to Avalanche's $14.67 billion, according to CoinMarketCap data.
As the market digests this latest development, all eyes will be on the next moves of Shiba Inu and Avalanche.
SHIB jumps 5%
Shiba Inu has seen a notable increase of 5.27% in its value, with its price rising to highs of $ 0.000026 from lows of $0.0000243 in today's trading session.
Shiba Inu's price jump is not an isolated event; it reflects a broader trend in the market, where meme coins often ride the wave of positive news from more established cryptocurrencies like Ethereum.
The approval of Ethereum ETFs by the Securities and Exchange Commission (SEC) has been particularly influential, as it signals a growing acceptance of digital assets.
The increase in Shiba Inu value corresponds with a broader rally in the meme token sector, with coins such as Bonk and Pepe outperforming Bitcoin and Ethereum in the last 24 hours.