Meme cryptocurrency Shiba Inu (SHIB) has managed to surpass Cardano (ADA) by market capitalization. According to CoinMarketCap, the two cryptocurrencies are currently valued at $16.9 billion and $16.5 billion, respectively.
The price of the second-largest meme coin has surged by more than 16% over the past 24 hours, significantly outperforming other major cryptocurrencies.
Dogecoin (DOGE), which currently occupies eighth place by market capitalization, has recorded only a modest 2.4% increase.
However, smaller meme coins are also rallying hard. For instance, Solana-based dogwifhat (WIF) has surged 21.4%, outperforming SHIB. Floki (FLOKI) and Bonk (BONK) have also managed to record double-digit gains. Pepe, which is up by only 1.1%, appears to be an outlier, but it has still added 18% over the past week.
As reported by U.Today, Shiba Inu (SHIB) briefly managed to surpass Dogecoin (DOGE) by market cap back in October 2021. It remains to be seen whether or not it will have enough momentum to repeat this feat this year. So far, there is still a $7 billion gap between the two rival meme coins.
Despite the recent price surge, SHIB is still down 66% from the peak that was achieved on Oct. 28, 2021.
According to data provided by IntoTheBlock, 70% of SHIB holders are making money at current prices. The vast majority of the holders (76%) have owned the cryptocurrency for more than a year.