Meme cryptocurrency Shiba Inu (SHIB) has surpassed Cardano (ADA) in market capitalization, successfully emerging as one of the ten leading cryptocurrencies. SHIB’s current value is $16.9 billion, slightly more than ADA, which is $16.5 billion. This significant milestone sheds light on the growing influence of memecoins in the crypto market.
Surging Prices and Market Dynamics
The Shiba Inu price surged over 16% in the last 24 hours, significantly outperforming top cryptocurrencies. However, another popular memecoin, Dogecoin (DOGE), witnessed only a 2.4% price surge, standing in eighth place by market cap. Additionally, a significant rally is seen in the broader memecoin market. Solana-based Dogewifhat (WIF) hiked by 21.4%, and Floki (FLOKI) and Bonk (BONK) experienced double-digit gains. However, Pepe (PEPE) remains at the edge with only a 1.1% increase but has successfully added 18% over the past week.
Long-Term Performance and Holder Profits
Despite the recent SHIB price surge, it remains 66% below its peak in October 2021. Currently, 70% of SHIB holders are profitable, with 76% having held the cryptocurrency for over a year. Shiba Inu’s marketing lead, Lucie, celebrated SHIB’s 16% surge and overtaking of Cardano, while Shytoshi Kusama added to the enthusiasm with a simple “WOOF”.
Although SHIB exceeded DOGE by market cap in 2021, a significant $7 billion gap still exists between them. The question is whether SHIB can maintain this momentum and attain new milestones amidst the high competition in the memecoin market.
