Shiba Inu Now The 7th Largest Cryptocurrency In Terms Of Market Cap, Surpasses Doge.

OVERVIEW

  • With a market cap of $51.4 billion, Shiba Inu is now the world’s seventh-largest cryptocurrency.
  • As a result, the meme coin is worth more than Dogecoin, XRP, Polkadot, and USD Coin.
  • In the last 24 hours, the cryptocurrency has risen by more than 77 percent.

The crypto market is in the red, with all of the top ten participants losing value as profit takers. Except for the Shiba Inu. In the last 24 hours, the meme coin has grown 77.5 percent to become the seventh-largest cryptocurrency on the market.

More importantly, it has dethroned Dogecoin as the most valuable meme coin in the world. Shiba Inu is more valued not just than its main competitor, Dogecoin, but also than USD Coin, Polkadot, and XRP. Shiba Inu will surpass even Solana with a $5 billion increase.

The Shiba token has now reached an all-time high of $0.00008748 for the nth time in the last two weeks.

If Shiba Inu were an Indian corporation, it would be worth nearly as much as Bharti Airtel, the market’s 11th largest participant.

The current market capitalization of the meme coin is $51.6 billion, roughly double what it was just 12 hours ago.

According to CoinDesk, ‘smart money’ addresses — crypto traders who have made more than $100,000 by giving and mining liquidity in decentralised finance (DeFi) protocols — are driving Shiba Inu’s surge.

Coindesk Learn editor Ollie Leech said in an interview that, “I would say it is legitimate.”

According to statistics from blockchain analysis firm Nansen, these digital wallets have apparently purchased about $160 million worth of the coin since the beginning of this week.

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