Dog themed meme piece Shiba Inu SHIB/USD has surged 208% so far in 2024, catapulting its market cap to $18.28 billion.
What happened: Currently positioned at number 12, the Shiba Inu’s steady rally since the start of the fourth quarter of 2024 has led crypto analysts to predict its potential rise into the top 10 cryptocurrencies by market capitalization.
SHIB price rose from a low of $0.00001079 on August 5 to $0.00003318 on December 1, before retreating slightly to $0.00003090.
This impressive rally broke several resistance levels, with the next resistance level set at $0.00004575, a yearly high reached in Q1 2024. Despite the price rally, it was SHIB’s growing market cap that held back the attention of analysts.
According to data from BenzingaSHIB’s market cap has been steadily increasing since September, with an influx of capital into the Shiba Inu network propelling the ecosystem’s market cap by $7.57 billion in the first week of September at 19 .41 billion dollars as of December 5.
Read also: Shiba Inu Hits Eight-Month High, Up 13% as Meme Coins Rally
Shiba Inu is currently lagging behind Avalanche AVAX/USDwhich ranks 11th overall, with a market capitalization of $21.28 billion.
However, analysts believe that SHIB’s strong momentum could potentially overtake AVAX and enter the top 10 cryptocurrencies.
Why it matters: The increase in Shiba Inu’s market capitalization is a testament to the growing popularity and acceptance of memecoins in the crypto market.
This rally is not only about price but also about increasing market capitalization, indicating a significant influx of capital into the Shiba Inu network.
If Shiba Inu continues this momentum, it could potentially disrupt the current rankings and establish itself among the top 10 cryptocurrencies, a feat that would further solidify the memecoins’ position in the crypto space.
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