Shiba Inu is about to lose its second long-standing meme coin title as the Trump (TRUMP) official decides to flip SHIB again.
Over the weekend, Shiba Inu lost its position as the second largest coin to TRUMP, a new spear token based on a meme linked to US President-elect Donald Trump.
TRUMP topples SHIB as second largest coin
The TRUMP meme coin, launched on Friday, quickly rose to prominence, attracting attention from the crypto community. Notably, TRUMP’s buyer count soared to nearly 50,000 within hours of its launch, surpassing 12,500 sellers.
As a result, TRUMP’s market capitalization reached $9 billion within three hours of its launch. With major crypto exchanges, like Binance and KuCoin, listing TRUMP, its valuation quickly soared above $12.58 billion, surpassing Shiba Inu’s market cap of $12.42 billion.
As a result, TRUMP became the second largest coin, surpassing Shiba Inu and ranking behind Dogecoin. However, Shiba Inu’s lead developer, Shytoshi Kusama, was not fazed by the development. He congratulated Trump but suggested the success was temporary and might not last long.
Wow, indeed. Congratulations to the President of the United States on this temporary achievement.
– Shytoshi Kusama™ (@ShytoshiKusama) January 19, 2025
Shiba Inu knocks down TRUMP
Indeed, it didn’t take long before TRUMP ceded the title to the Shiba Inu following the massive price drop. TRUMP’s market cap plunged nearly 50%, from a high of $14.92 billion to $7.68 billion yesterday. TRUMP price also fell to $38 from an all-time high of $75.35.
This sharp decline coincides with the unfold of Official Melania (MELANIA), a meme coin launched by the new first lady of the United States, Melania Trump. This drop suggests that many investors traded their TRUMP tokens for MELANIA in search of quick gains.
Interestingly, this helped Shiba Inu regain its position as the second largest coin.
TRUMP set to overthrow SHIB again
Currently, TRUMP has regained momentum and is once again aiming to overtake Shiba Inu. Its market capitalization rebounded to $11.57 billion, up 50.61% from its intraday low of $7.68 billion. This increase also brought TRUMP closer to Shiba Inu’s valuation, at $12.73 billion.
The competition between SHIB and TRUMP remains intense, and the next few hours could determine which token secures the position of the second largest coin.
In the meantime, the world awaits Trump’s inauguration as the 47th President of the United States, scheduled for today, January 20. Industry players expect his administration to favor crypto more than Biden’s. This anticipation is due to Trump’s many pro-crypto promises, including the creation of a Strategic Bitcoin Reserve (SBR).
Since Trump’s re-election, the market has reacted positively, as evidenced by the massive surge in cryptocurrency prices. While Trump’s implementation of pro-crypto policies could drive up the price of TRUMP, Kusama believes Shiba Inu’s usefulness will pay off in the long run.
Shiba Inu leader remains unfazed
He indicated that Shiba Inu offers real utility beyond just being a coin, suggesting that real-world application of SHIB will elevate it to greater heights.
“Let’s give it a few more days, then we’ll show you how to do it.” he REMARKhinting at a future development.
In a follow-up tweet, he claimed that Shiba Inu wouldn’t bow to any coin, including TRUMP.
We don’t bow to any memes
– Shytoshi Kusama™ (@ShytoshiKusama) January 18, 2025
At press time, Shiba Inu is trading at $0.00002161, while TRUMP is changing hands at $57.86.
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