According to U.Today, Shiba Inu (SHIB), the second-largest meme cryptocurrency, has spearheaded the recent recovery in the crypto market with significant double-digit gains. Despite some losses, SHIB has still managed to record an impressive 7% increase over the past 24 hours, as per CoinGecko data. This performance places it as the top-performing cryptocurrency within the top 20 and the sixth-best performer in the top 100. The only cryptocurrencies outperforming it are Notcoin (NOT), Arbitrum (ARB), Optimism (OP), MANTRA (OM), and Celestia (TIA).
SHIB has also significantly outperformed other meme cryptocurrencies. Its main competitor, Dogecoin, has only managed a 2.3% increase over the same 24-hour period. Other coins have also seen relatively modest gains. In contrast, Dogwifhat (WIF) has seen a decrease of nearly 6%, making it one of the biggest underperformers among cryptocurrencies with a market cap larger than $1 billion.
Former Goldman Sachs analyst Murad Mahmudov has suggested that the crypto market is set to experience another meme coin cycle. He has previously advised digital asset investors to focus exclusively on meme cryptocurrencies. In April, Mahmudov predicted that Pepe (PEPE) would surpass both Shiba Inu (SHIB) and Dogecoin (DOGE) in terms of market capitalization. He also forecasted in May that WIF would eventually overtake SHIB.
Despite being down more than 81% from its all-time high, SHIB still holds a value of $9.6 billion, making it the 14th largest cryptocurrency by market cap. PEPE and WIF, on the other hand, are currently in distant 27th and 50th places, respectively.