SHIBA INU is Now Leading Meme Coin Squad Following Dominance over Dogecoin
By now, the entire world is well aware of the potential and dominance of Dogecoin in the cryptocurrency industry. It had been a while since Dogecoin (DOGE) had been around but it wasn’t until 2021 when it rose to fame.
Prior to that, Dogecoin was only treated as a meme coin that had been launched just for the sake of entertainment and fun. However, as Dogecoin ended up getting backed by Elon Musk, the richest man in the world, and the DOGE army, DOGE’s might was unmatched.
From the beginning of 2021 until mid-May, Dogecoin’s prowess and market presence were unmatched even by the largest cryptocurrencies. For almost five months, even Bitcoin (BTC) and Ethereum (ETH) had to live under the shadow of DOGE that had grown really big.
However, the meme coin had an underdog that was soon going to take the lead. As Dogecoin became widely adopted, it ended up getting inducted into the list of top 10 cryptocurrencies with the largest market capitalizations.
In the meanwhile, another meme coin launched in August of 2020 “SHIBA INU – SHIB”, had been catching the public’s eye. It started benefiting from being a meme coin that the investors were investing heavily as DOGE was growing larger in value.
In this particular period, DOGE ended up getting adopted by mainstream institutions as a mode of payment. However, DOGE ended up losing its fuel in mid-May and hasn’t been able to recover from that.
However, the cryptocurrency industry that was once interested to invest in DOGE is now leaning towards SHIB. SHIBA INU has gained tremendous rally and adoption in the past couple of months.
The adoption level in SHIB has been so high that it has finally managed to beat DOGE, becoming the top meme coin in the industry. As of now, SHIB is the largest meme coin in the particular space and it currently ranks as number 11 in the list of top cryptocurrencies by market capitalization.
Just a few days back, SHIB had beaten DOGE claiming its position as the 9th top cryptocurrency in the industry. For now, SHIB is on number 11 as the investors liquidated their investments in the meme coin after a strong rally.
However, the investments in SHIB have started coming back and its price has again started going up. At the time of writing, SHIB’s market valuation is over $32.5 billion and it has experienced a 13.72% surge in the past 24-hours. When it comes to gaining price surge in the past 30-days, its price has grown by 91.66%.
The 24-h trading volume that the meme coin is currently observing is over $11.56 billion and there are offer 549 trillion SHIB in circulation.
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Text source: Coinfrog
