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Shiba Inu (SHIB), the second-biggest meme cryptocurrency, has led the recent crypto market recovery with double-digit gains.
Despite paring some gains, SHIB is still up an impressive 7% over the past 24 hours, according to CoinGecko data. This makes it the best-performing cryptocurrency within the top 20.
In fact, SHIB is also the sixth best-performing cryptocurrency in the top 100. Only Notcoin (NOT), Arbitrum (ARB), Optimism (OP), MANTRA (OM) and Celestia (TIA) are ahead of it.
Of course, SHIB is also greatly outperforming other meme cryptocurrencies. Archrival Dogecoin has added only 2.3% over the past 24 hours. Other coins have also recorded relatively modest gains. Meanwhile, Dogwifhat (WIF) is down by almost 6%, becoming one of the biggest laggards among cryptocurrencies with a market cap bigger than $1 billion.
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Meanwhile, former Goldman Sachs analyst Murad Mahmudov has stated that the crypto market is going to experience another meme coin cycle. Previously, he suggested that digital asset investors should stick exclusively to meme cryptocurrencies.
In April, Mahmudov predicted that Pepe (PEPE) would end up flipping both Shiba Inu (SHIB) and Dogecoin (DOGE) by market capitalization. In May, he also forecast that WIF would also end up eclipsing SHIB.
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Despite being down more than 81% from its all-time high, SHIB is still valued at $9.6 billion, which makes it the 14th biggest cryptocurrency by market cap. PEPE and WIF are in distant 27th and 50th places, respectively.