Even though the meme coin mania was started by Dogecoin [DOGE], Shiba Inu [SHIB] managed to snatch the torch from the OG meme crypto. Now, both the assets were seen locking horns as they try to take over as the 12th-largest cryptocurrency in terms of market capitalization.
The latest bull run pushed almost every coin into the green arena. Shiba Inu, however, took a major leap by pocketing gains of about 60% over the last couple of days. Not only did the asset encounter a surge in its price but its market cap also took off. The meme coin swiftly climbed the crypto ladder from the 15th position to the 13th.
At present, Shiba Inu stood as the 13th largest cryptocurrency with a market cap of $18.05 billion. The altcoin overtook prominent assets like Binance USD [BUSD], Polygon [MATIC], and even Crypto.com Coin [CRO]. Now, the meme coin was all set to overshadow its rival, DOGE whose market cap was at $21.09 billion.
Large transactions in Shiba Inu surge to a high of $390 million
Shiba Inu has been emerging as a favorite among whales. Recently, the meme coin recorded a multi-month high as the volume of its on-chain transactions of over $100k surged to $389.89 million.
Furthermore, this massive surge in the volume of transactions pointed out the increased interest in the asset.
Additionally, Shiba Inu managed to steer back as one of the most purchased tokens by the 1000 biggest ETH whales. This wasn’t all, the SHIB Army had yet another reason to celebrate. The meme coin was also among the most used smart contracts.
With an array of developments slated for the Shib ecosystem, the price of the altcoin is expected to encounter a massive rise. However, the coin went on to sink by 5% at press time pushing its total value to $0.00003155. The altcoin seemed to be falling harder than it rose.