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Shiba Inu is now the 13th largest cryptocurrency by market capitalization, following a 112% weekly surge that saw it outpace DOT and MATIC.
Shiba Inu has been on an upward trend since this week, surging to a weekly high of $0.00002121. Following its tremendous rally, Shiba Inu secured the 13th spot in the global crypto ranking by market capitalization, outpacing Polkadot (DOT) and Polygon (MATIC).
Shiba Inu achieved the groundbreaking feat following a 112.83% surge in the past week and a 124% spike in the monthly charts.
Shiba Inu Ranks as 13th Largest Crypto
The token’s remarkable performance in the past week pushed Shiba Inu’s market capitalization to an astounding $11.91 billion. Interestingly, Shiba Inu is now the 13th largest cryptocurrency by market capitalization.
It is worth mentioning that the 13th spot was previously held by DOT in the past weeks, with MATIC claiming the position on a few occasions.
With Shiba Inu becoming the 13th biggest crypto by market cap, DOT and MATIC have been shoved down to the 14th and 15th positions, respectively. While DOT boasts a market cap of $11.42 billion, MATIC’s valuation stands at $10.51 billion.
At press time, Shiba Inu ranks behind Chainlink (LINK), which has a market cap of $12.15 billion.
Shiba Inu Lead Reacts to Favorable SHIB Prediction
Shiba Inu’s jaw-dropping rally to the 13th position comes days after analysts forecasted that the token could repeat history by surging 800% in one week.
According to the prediction, Shiba Inu could surge to $0.0001206 in a week. Shiba Inu’s lead developer reacted to the prediction by suggesting that investors underestimate SHIB’s prowess.
Underestimate https://t.co/7X7dPTPO2t
— Shytoshi Kusama™ (@ShytoshiKusama) March 2, 2024
Positive Shiba Inu Developments
Shiba Inu’s elevation to the 13th spot in the global crypto ranking comes hours after it was reported that the community incinerated 643.65 million SHIB ($13,194) in February alone.
The move contributed to the ongoing burn initiative that has seen 410.708 trillion tokens destroyed since Shiba Inu’s inception. Aside from burns, Shiba Inu has also recently witnessed widespread adoption.
As reported earlier, an Ethereum whale who made a profit of $3.49 million investing in PEPE diverted some of their earnings to Shiba Inu. Specifically, the investor scooped up 75.9 billion SHIB worth $893,000 on February 29.
In the meantime, Shiba Inu was changing hands at $0.00002050, up 57% over the past 24 hours. The token has also witnessed a spike of 133.38% in its daily trading volume, which currently stands at $4.21 billion.