Shiba Inu Just Entered the Top Ten Crypto Rankings

Meme coins are gaining market interest right now, as Shiba Inu (SHIB) was able to pass up Cardano (ADA) and make its way into the top ten cryptocurrency coins.

Shiba Inu is up to $0.00002659 (SHIB/USD) right now, which is a 1.28% increase from Tuesday. Despite the achievement of passing Cardano, this is not as high as Shiba Inu has climbed this year. Earlier in March, the coin managed to reach a price point of $0.00003592.

Shiba Inu did not stay above its competing coin for very long. However, it is ranked #10 overall among cryptocurrencies, beating out strong competition from Toncoin (TON). Rankings are based on market capitalization, and Shiba Inu and Toncoin are neck and neck right now with market caps above $15 billion.

We have seen a surge in popularity lately from memecoins, with some of the biggest gains coming from Dogwifhat (WIF) and Pepe (PEPE), which have both made headlines this year.

Smaller memecoins have managed to make some waves as well, including political coins that poke fun at Donald Trump or Joe Biden. In a heated election year, their presence is no surprise.

Will Shiba Inu Surge Again Soon?

The recent upswing from Shiba Inu has brought plenty of attention to the coin, and now that it has entered the top ten rankings, it will have even more investors’ eyes on it. This could easily cause the token to surge in the short term and set it up for long-term gains from its new position of prestige.

Meme coins are especially hot right now, and they provide a cathartic outlet for investors who just want to have fun with their buying and selling. Shiba Inu has proven to be remarkably resilient for a coin that is little more than a joke, and we expect it will continue to be so.

With SHIB’s trade volume incredibly high (up 98%), the question is not if Shiba Inu will surge soon, but rather how soon that will be.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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