Shiba Inu entered the top 10 global crypto assets after dethroning Cardano, placing Cardano (ADA) in the eleventh position.
Shiba Inu (SHIB), a meme coin that has gained significant traction in the industry and is favored by devotees, has surpassed Cardano (ADA) to enter the top 10 crypto assets worldwide. The token currently holds the tenth position, which self-identifies as a “Dogecoin-killer”; this places ADA in the eleventh position.
In the previous twenty-four hours, the price of SHIB increased by approximately 15%, peaking at $0.00002931 with a market capitalization of $16.74 billion, surpassing the market capitalization of ADA, which stands at $16.44 billion. Early Wednesday morning, SHIB peaked at $17 billion before stabilizing at $16.9 billion. Additionally, the meme coin replaced ADA on the platform.
The Ascent of the Shiba Inu Amid Cryptocurrency Market Tendencies
Lucie, the marketing lead at Shiba Inu, alluded that this was not the initial occasion for the token to surpass ADA and ascend to the top of the industry’s most prominent cryptocurrencies as she celebrated the most recent achievement.
Notwithstanding its most recent accomplishment, SHIB lags behind Dogecoin (DOGE), the industry leader among meme currencies. DOGE is the eighth largest cryptocurrency by market capitalization at $24.16 billion.
The recent increase in SHIB reflects an optimistic outlook on the meme coin industry. In the preceding twenty-four hours, additional meme coins, including Floki, Dogwifhat, and Pepe, witnessed substantial increases of 35%, 32%, and 27%, respectively.
The surge in trading volume has brought about significant expansion within the Shiba Inu ecosystem, amounting to nearly $1.9 billion. The network performed superior to other meme currencies, such as PEPE and DOGE, which amassed trading volumes of $1.3 billion and $1.2 billion, respectively.
Potential Drivers of the SHIB Rally
Several factors have contributed to the recent surge in Shiba Inu’s value, including renewed investor interest, strategic partnerships, and technological advancements within the Shiba Inu ecosystem.
Recent improvements to the burning mechanism of the endeavor increased its rate by 600%. Approximately ten million Shiba Inu’s tokens were burned last week, removing them irrevocably from circulation. The objective of the meme coin’s development team is to gradually increase the coin’s value and scarcity by decreasing its vast supply. Approximately 41% of the overall supply has been eradicated by the SHIB team via the burning mechanism.
Furthermore, in April, the Shiba Inu team declared its intention to upgrade the token’s blockchain, Shibarium, a layer-2 scalability solution. This upgrade will bolster the token’s security and optimize the user experience. Completing the upgrade on May 2 of this month enhanced the network’s stability, establishing a reliable groundwork for subsequent endeavors.
