Over the weekend, Shiba Inu (SHIB) pushed its way up the list of the largest cryptocurrencies by market capitalization, leapfrogging both Tron (TRX) and Toncoin (TON).
The climb followed a positive performance over the past week, during which the dog-themed meme coin’s price surged by more than 70% at one point.
SHIB Price Up 12%
On November 10, data from various crypto price tracking websites, including CoinGecko and CoinMarketCap, showed that SHIB was among the top 3 best performers in the market. That day, it gained 25%, briefly going past $0.000027. It resulted in a multi-month peak that drove the coin’s market value to more than $14 billion.
At the time of this writing, SHIB was priced at $0.00002516, a 12.5% improvement in the last 24 hours and a 48.7% jump across seven days. It hugely outperformed the global crypto market, which had gone up by more than 21% over the previous seven days.
The latest gains have lifted the second-most valuable meme token above the $0.0002169 level, where it had been held since June. Analysts suggest it might break even higher if it sustains the current momentum.
While still more than 70% below its all-time high (ATH) achieved on October 28, 2021, SHIB is a remarkable 44021689.3% higher than its lowest-ever price, recorded four years ago in November 2020.
Further, its current $14.77 billion market cap puts it nearly $600 million higher than Tron and about $1.4 billion higher than Toncoin. While TRX is up a modest 0.7%, TON has dipped 2.7% in the last day.
Uptick in Broader Crypto Market
As CryptoPotato reported, the meme coin’s run coincided with Donald Trump’s resounding victory in the just-concluded U.S. presidential vote. During his campaigns, the President-elect styled himself as a pro-crypto candidate, and his win is viewed by many as a new dawn for the industry.
His win caused a surge in prices across the broader crypto market, with Bitcoin (BTC) severally breaking its all-time high price in quick succession.
There has also been a meme coin resurgence, with Dogecoin (DOGE) leading the charge. Valued at more than $41 billion, DOGE is now the sixth largest cryptocurrency by market capitalization after supplanting the USD Coin (USDC).
For its part, SHIB is currently ranked #10 (on CMC), following a late rally by Cardano (ADA), whose $20.5 billion valuation places it at #9. Its pseudonymous lead developer, Shytoshi Kusama, chalked down SHIB’s skyrocketing prices to the “power of technologies and innovative thinking,” which they said had led the project through the bear market.
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