- Shiba Inu (SHIB) Climbs to 9th Spot by Market Cap, Surpassing Cardano (ADA)
- Meme Coin Season Faces Turbulence as Major Players Experience Losses
In a surprising turn of events, Shiba Inu (SHIB), the popular meme cryptocurrency, has surged to the ninth spot in market capitalization, surpassing Cardano (ADA). As of now, SHIB’s market value stands at $16.4 billion, reflecting a 9.2% increase over the past week. This recent boost places Shiba Inu on the heels of its primary competitor, Dogecoin (DOGE), which currently holds the eighth position.
Despite its recent gains, SHIB remains significantly below its all-time high recorded in October 2021. However, with 67.07% of all addresses currently profitable, SHIB has achieved the highest percentage of holders in the money since March. This statistic indicates strong, albeit cautious, investor sentiment surrounding the coin.
The increase in SHIB’s market position comes despite a noticeable slowdown in activity on its Shibarium platform. On May 30, Shibarium saw nearly 13,000 transactions, a significant increase after struggling to surpass the 10,000 transaction mark for over a week. This uptick suggests a renewed interest in the platform, even as broader market trends show signs of volatility.
The meme coin sector, known for its rapid and often unpredictable fluctuations, has seen substantial losses across several major players. Dogecoin and Shiba Inu have both declined by over 3%, while other notable meme coins like Pepe (PEPE) and Floki (FLOKI) have plummeted by 9% and 11%, respectively. The steepest decline has been observed in Solana-based Bonk, which currently leads the laggards among meme cryptocurrencies.
This downturn follows recent accusations of scams involving various celebrity-endorsed meme coins, contributing to the overall skepticism in the market. Compounding these concerns, the U.S. Securities and Exchange Commission (SEC) recently issued an investor alert, warning against pump-and-dump schemes specifically targeting meme cryptocurrencies. This regulatory scrutiny adds another layer of uncertainty to an already volatile market.
Despite these challenges, Shiba Inu’s recent performance demonstrates the unpredictable yet resilient nature of meme coins. Investors and market watchers are keenly observing whether SHIB can maintain its momentum and potentially climb higher in the rankings.
As the meme coin season appears to be on shaky ground, it remains to be seen how long SHIB can sustain its upward trajectory. With increasing regulatory oversight and market volatility, the future of meme cryptocurrencies is as uncertain as ever. For now, Shiba Inu’s rise to the ninth spot by market cap stands as a testament to its enduring appeal and the dynamic shifts within the crypto landscape.