Shiba Inu’s rise continues as the meme coin has now become the 12th largest cryptocurrency by market capitalization.
The market cap of the self-proclaimed Dogecoin-killer – Shiba Inu – has increased to half the size of Doge’s after a massive triple-digit weekly surge. Consequently, SHIB is now well within the top 15 coins.
Most of the cryptocurrency market has been on a roll lately. Bitcoin went over $55,000 for the first time since May, Ethereum reclaimed $3,500, and so on. Yet, one digital asset has trumped all others – Shiba Inu. CryptoPotato reported on October 5th that the token had exploded by 100% in just a few days following a massive whale buy of over six trillion coins.
This turned out to be just the beginning as SHIB kept climbing and a day later started knocking on the door of the top 20 largest coins by market cap. At this point, the token was up by roughly 200% in a week, but that wasn’t the end of its gains, either. In the past 24 hours, it initiated another massive leg up, peaking at $0.000035, which became the highest price line since mid-May.
Moreover, SHIB came just inches away from painting a new all-time high record, currently standing at $0.000038, according to CoinGecko. Despite retracing slightly since the intraday top, SHIB’s market capitalization has increased to well above $15 billion. This makes it the 12th-largest cryptocurrency by this metric.
Additionally, SHIB’s market cap is halfway away from the arguably most well-known meme coin – Dogecoin. DOGE takes the 10th spot in terms of market cap with $32 billion. With this latest increase, Shiba Inu has neared giants like United Airlines and America Airlines Group as well.
Source:cryptopotato.com