Two dog-themed meme coins, Shiba Inu and Dogecoin are battling for the top ten spot in overall market capitalization. Shiba Inu has surged over 700% this month alone.
The price of the meme cryptocurrency Shiba Inu (SHIB) has skyrocketed in recent weeks, briefly surpassing the market capitalization of Dogecoin for the first time. According to data compiled by price aggregator CoinGecko, SHIB has risen to become one of the top ten cryptocurrencies in terms of total market capitalization.
Shiba Inu overtakes Dogecoin
As the time of this article, the market capitalization of SHIB was approximately $30.4 billion, compared to that of Dogecoin, at $31.4 billion. The two meme coins are trading spots as the 10th and 11th largest by market cap overall.
SHIB is currently ranked higher than both Dogecoin and USDC, the stablecoin managed by the CENTRE consortium, but the situation is fluid with valuations changing throughout the day.
As with Dogecoin, the creation of SHIB was a joke in and of itself, with a current supply in the hundreds of trillions of tokens — resulting in a relatively low price of approximately $0.000078 per coin.
Similar to Dogecoin, SHIB initially gained popularity through social media platforms such as TikTok in the earlier this year. Due to the flood of SHIB content the video-creation website later prohibited the posting of promotional videos for cryptocurrencies.
SHIB rises 700% in one month
Aside from that, the cryptocurrency gained notoriety this past spring after Ethereum creator Vitalik Buterin sold tranches of tokens donated to him by SHIB’s creators and donated the proceeds to charity. He also donated some of the SHIB tokens that had been given to him to a COVID-focused charity providing relief to victims in India.
However, the addition of SHIB to services such as the crypto exchange Coinbase has increased the amount of volume in the coin’s market, and the SHIB price has increased by more than 700 percent in the last month.
The SHIB/USDT market on Binance, according to CoinGecko, accounts for approximately a quarter of all SHIB trading activity.
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Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.