Shiba Inu's rise continues as the meme coin has now become the 12th largest cryptocurrency by market capitalization.
The market cap of the self-proclaimed Dogecoin-killer – Shiba Inu – has increased to half the size of Doge’s after a massive triple-digit weekly surge. Consequently, SHIB is now well within the top 15 coins.
Most of the cryptocurrency market has been on a roll lately. Bitcoin went over $55,000 for the first time since May, Ethereum reclaimed $3,500, and so on.
Yet, one digital asset has trumped all others – Shiba Inu. CryptoPotatoreported on October 5th that the token had exploded by 100% in just a few days following a massive whale buy of over six trillion coins.
This turned out to be just the beginning as SHIB kept climbing and a day later started knocking on the door of the top 20 largest coins by market cap.
At this point, the token was up by roughly 200% in a week, but that wasn’t the end of its gains, either. In the past 24 hours, it initiated another massive leg up, peaking at $0.000035, which became the highest price line since mid-May.
Moreover, SHIB came just inches away from painting a new all-time high record, currently standing at $0.000038, according to CoinGecko.
Despite retracing slightly since the intraday top, SHIB’s market capitalization has increased to well above $15 billion. This makes it the 12th-largest cryptocurrency by this metric.
Additionally, SHIB’s market cap is halfway away from the arguably most well-known meme coin – Dogecoin. DOGE takes the 10th spot in terms of market cap with $32 billion.
With this latest increase, Shiba Inu has neared giants like United Airlines and America Airlines Group as well.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
