[Shiba Inu occupies an elite position in the Meme coin market ranking]
In the Meme Coin Index of MarketVector owned by VanEck, Shiba Inu performed amazingly and achieved second place. This is not only an important milestone for Shiba Inu, but also once again attracted widespread attention from the cryptocurrency community.
MarketVector recently launched a new index focused on the extremely popular meme coin called Meme Coin. The index tracks the six top meme coins, with Shiba Inu in second place with 28.34%, along with Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and BONK.
The Meme Coin Index has gained 137.96% year-to-date, with Shiba Inu performing particularly well, making the index one of the best-performing indices on MarketVector.
At the beginning of this year, Shiba Inu ushered in a significant price increase. On March 5, it soared by about 300% in a single day, reaching a high of $0.000045. It once jumped to the top ten cryptocurrencies by market capitalization. It currently has a market capitalization of $13.18 billion, ranking 11th. Bit.
Despite profit-taking and some profit-taking later, Shiba Inu’s year-over-year gains remain at 155%, according to CoinGecko. Technical analysts pointed out that SHIB's resilience at key support levels, which were important resistance points in early 2023, shows that market sentiment remains strong and has the potential to grow.
In comparison, although Bitcoin also has an annual increase of 120%, SHIB's 155% gain is particularly outstanding. Currently, SHIB price stands at $0.00002286, down slightly by 0.19% in 24 hours, reflecting overall weakness in the crypto market.
