CoinWorld reported:
Last weekend, Shiba Inu (SHIB) ranked among the top in market capitalization within the cryptocurrency leaderboard, surpassing Tron (TRX) and Toncoin (TON).
This rise occurred after a week of positive performance, during which the dog-themed meme coin’s price soared by over 70%.
SHIB Price Rises 12%
On November 10, data from various cryptocurrency price tracking websites, including CoinGecko and CoinMarketCap, indicated that SHIB was one of the top three performers in the market. On that day, it surged by 25%, briefly exceeding $0.000027. This led to a peak not seen in months, elevating the coin’s market value to over $14 billion.
At the time of writing, SHIB was priced at $0.00002516, reflecting a 12.5% increase in the past 24 hours and a 48.7% rise over the week. Its performance significantly outpaced the global cryptocurrency market, which had increased by over 21% in the past seven days.
The latest surge has pushed the second most valuable meme token above the $0.0002169 level that it has held since June. Analysts suggest that if the current momentum is maintained, it may break through even higher levels.
Although it is still over 70% lower than the all-time high (ATH) of October 28, 2021, SHIB’s price is 44,021,689.3% higher than the low recorded in November 2020.
Moreover, its current market capitalization of $14.77 billion exceeds Tron by nearly $600 million and Toncoin by approximately $1.4 billion. While TRX saw a slight rise of 0.7%, TON fell by 2.7% in the last day.
Broader Cryptocurrency Market Uptrend
As reported by CryptoPotato, the rally of meme coins coincided with Donald Trump’s overwhelming victory in the recently concluded U.S. presidential election. During the campaign, the elected president positioned himself as a pro-cryptocurrency candidate, and his victory was seen by many as a new dawn for the industry.
His win led to a price surge across the entire cryptocurrency market, with Bitcoin (BTC) breaking its price history consecutively.
Meme coins also experienced a revival, with Dogecoin (DOGE) leading the way. With a value exceeding $41 billion, DOGE is now the sixth largest cryptocurrency by market capitalization, just behind USD Coin (USDC).
In its own right, SHIB currently ranks 10th (on CMC), closely followed by Cardano (ADA), which is valued at $20.5 billion and ranks 9th. The pseudonymous lead developer Shytoshi Kusama attributed SHIB’s soaring price to “the power of technology and innovative thinking,” noting that this has guided the project through the bear market.
