- Shiba Inu rolls over Cardano in a GameStop stock-infused bull rally.
- Rising Shibarium activity serves as a boost for SHIB, BONE & LEASH.
- SHIB shakes off sell pressure with the majority of holders in profit.
Shiba Inu (SHIB) briefly entered the TOP 10 by global market cap this Wednesday, as most popular canine coins recorded double-digit gains upon GameStop’s stock pre-market surge. In the early hours of May 29, 2024, SHIB fetched 13.35% gains for a boost to $0.00002927, claiming a new monthly high.
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SHIB scorched past Cardano (ADA), a veteran Layer-1 blockchain and a long-term TOP 10 contender. At the time of publication, Shiba Inu’s market capitalization stands at $16,188,304,926, while ADA sports a market cap of $16,312,624,663, according to the independent price aggregator CoinGecko.
SHIB is closely approaching Telegram’s Toncoin (TON), occupying a place above SHIB with a global market cap of $22,610,193,599. Meanwhile, Dogecoin (DOGE) is just $1 billion above this range, sitting at #8 with a market cap of $23,872,240,172. While the two top dogs are distanced from each other by $7 billion, that wasn’t always the case.
Shibarium Ecosystem Tokens Jump on the Wave
Back in October 2021, Shiba Inu’s rise to its all-time peak of $0.00008616 was greeted with SHIB claiming the top dog status. On 28 October 2021, SHIB attained a market cap of above $40 billion, while its global market cap was $5 billion short in comparison.
However, the chances of repeating this remarkable achievement now highly depend on the developments within Shiba Inu’s Layer-2 blockchain, Shibarium. SHIB shook off the selling pressure in March 2024 because the majority of holders are now making a profit at this price range, while other Shibarium-related tokens like Bone ShibaSwap (BONE) and Doge Killer (LEASH) are yet to catch up.
To illustrate, Bone ShibaSwap picked up 3.8% over the past 24 hours to trade at $0.7126 amidst rising Shibarium trading activity. However, BONE’s northbound trajectory has to deal with different challenges than SHIB, as only 37% of current BONE holders are making a profit at this price range.
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Meanwhile, Shibarium’s third digital currency, LEASH, witnessed a 9.2% uptick to claim a new monthly peak at $531.49. While LEASH outperformed BONE, the current upswing is still a far cry from the $1,280 price milestone for LEASH on March 5.
On the Flipside
- While many meme coin peers recorded new all-time heights in Spring’s bull rally in March, Shiba Inu’s is still 69% away from the 2021 milestone.
Why This Matters
Meme currencies have ignited several market-wide bull rallies in 2024, while meme coins became a trending narrative alongside artificial intelligence and real-world assets.
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