Shiba Inu’s recent rally could be attributed to different factors, including strategic partnerships, renewed investor interest, and recent technological upgrades in the Shiba Inu ecosystem.
Shiba Inu (SHIB), one of the popular meme coins in the industry and a favorite among enthusiasts, has surged into the top 10 crypto assets globally, surpassing Cardano (ADA). The token, which describes itself as a “Dogecoin-killer”, now occupies the tenth spot, displacing ADA to the eleventh position.
SHIB price jumped nearly 15% in the past 24 hours, reaching $0.00002931 with a market cap of $16.74 billion, exceeding ADA’s market cap of $16.44 billion. SHIB briefly reached $17 billion early Wednesday morning before stabilizing at its current level of $16.9 billion. The meme coin also displaced ADA on the platform.
Shiba Inu’s Rise amid Crypto Market Trends
While celebrating the latest milestone, Lucie, the marketing lead at Shiba Inu hinted that this is not the first time the token is dethroning ADA to take its place on the list of the biggest cryptocurrencies in the industry.
$SHIB flipped $ADA ( again today) pic.twitter.com/cSu2fZuwcn
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 29, 2024
Despite the latest achievement, SHIB remains behind Dogecoin (DOGE), the king of meme coins in the industry. DOGE is currently seated as the eighth largest crypto with a market cap of $24.16 billion.
SHIB’s recent surge reflects a broader positive sentiment towards the meme coin sector. Other meme coins like Floki, Dogwifhat, and Pepe also experienced significant gains, with increases of 35%, 32%, and 27% respectively over the past 24 hours.
The Shiba Inu ecosystem has also experienced growth during this rally, with trading volume soaring to nearly $1.9 billion. The network outperformed other meme coins, including DOGE and PEPE, which recorded $1.2 billion and $1.3 billion in trading volume respectively.
Factors Potentially Driving SHIB Rally
Shiba Inu’s recent rally could be attributed to different factors, including strategic partnerships, renewed investor interest, and recent technological upgrades in the Shiba Inu ecosystem.
The project recently upgraded its burning mechanism, increasing the burning rate by 600%. Last week, Shiba Inu burned around 10 million of its tokens, permanently removing them from circulation. The team behind the meme coin aims to reduce its large supply to increase its scarcity and potential value over time. To date, the SHIB team has destroyed about 41% of the total supply through the burning mechanism.
Additionally, in April the Shiba Inu team announced plans to upgrade the token’s blockchain, Shibarium, a layer-2 scaling solution to improve its security and enhance overall user experience. The upgrade, which concluded this month on May 2, aims to improve the network’s stability, laying a dependable foundation for future projects.
next