u.today
Meme cryptocurrency Shiba Inu ($SHIB) has managed to surpass Cardano (ADA) by market capitalization. According to CoinMarketCap, the two cryptocurrencies are currently valued at $16.9 billion and $16.5 billion, respectively.
The price of the second-largest meme coin has surged by more than 16% over the past 24 hours, significantly outperforming other major cryptocurrencies.
Dogecoin ($DOGE), which currently occupies eighth place by market capitalization, has recorded only a modest 2.4% increase.
However, smaller meme coins are also rallying hard. For instance, Solana-based dogwifhat (WIF) has surged 21.4%, outperforming $SHIB. Floki (FLOKI) and Bonk (BONK) have also managed to record double-digit gains. Pepe, which is up by only 1.1%, appears to be an outlier, but it has still added 18% over the past week.
As reported by U.Today, Shiba Inu ($SHIB) briefly managed to surpass Dogecoin ($DOGE) by market cap back in October 2021. It remains to be seen whether or not it will have enough momentum to repeat this feat this year. So far, there is still a $7 billion gap between the two rival meme coins.
Despite the recent price surge, $SHIB is still down 66% from the peak that was achieved on Oct. 28, 2021.
According to data provided by IntoTheBlock, 70% of $SHIB holders are making money at current prices. The vast majority of the holders (76%) have owned the cryptocurrency for more than a year.