The post Shiba Inu (SHIB) Surpasses Cardano (ADA) to Enter Top 10 Crypto Market appeared first on Coinpedia Fintech News

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.