According to U.Today, the meme cryptocurrency Shiba Inu (SHIB) has overtaken Cardano (ADA) in terms of market capitalization. As per CoinMarketCap, the current values of these two cryptocurrencies stand at $16.9 billion and $16.5 billion, respectively. In the last 24 hours, the price of SHIB, the second-largest meme coin, has seen a surge of over 16%, outperforming other major cryptocurrencies. In comparison, Dogecoin (DOGE), which is currently in eighth place by market capitalization, has only seen a modest increase of 2.4%.
Other smaller meme coins are also experiencing significant rallies. For example, Solana-based dogwifhat (WIF) has seen a surge of 21.4%, outperforming SHIB. Other coins such as Floki (FLOKI) and Bonk (BONK) have also recorded double-digit gains. Pepe, despite being an outlier with only a 1.1% increase, has still added 18% over the past week.
In October 2021, SHIB briefly surpassed DOGE in market cap. It remains uncertain whether it will be able to repeat this achievement this year, as there is currently a $7 billion gap between the two rival meme coins. Despite the recent price surge, SHIB is still down 66% from its peak on Oct. 28, 2021. However, data from IntoTheBlock shows that 70% of SHIB holders are making money at current prices, with the majority (76%) having owned the cryptocurrency for more than a year.