Memecoins
Shiba Inu Gets Elite Status in Market Ranking Among Meme Coins
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In an extraordinary display of market dynamics, Shiba Inu landed second place in VanEck MarketVector’s Meme Coin Index. This achievement marks a significant milestone for Shiba Inu, which continues to attract attention from the cryptocurrency community.
MarketVecto, a subsidiary of VanEck, has joined the meme coin movement, launching a new index focused on the extremely popular token category. The meme coin index, which trades under the ticker MEMECOIN, tracks the six major meme tokens.
Shiba Inu is the second largest stock in the index, with a weighting of 28.34%. Other names include Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and BONK.
The Meme Coin Index has recorded a gain of 137.96% this year, demonstrating the impressive growth of meme coins, with Shiba Inu standing out. This index is now the best performing on MarketVector.
Shiba Inu Market Performance
Shiba Inu saw an impressive rise earlier in the year, rising approximately 300% to a high of $0.000045 on March 5. Shiba Inu briefly entered the top 10 cryptocurrencies by market cap before slipping to 11th place with a current market cap of $13.18 billion.
Following its meteoric rise, Shiba Inu experienced profit taking, giving up part of its gains, but it is still up 155% year-on-year, according to CoinGecko data.
The 155% increase in SHIB’s value can be attributed to several factors. Technical analysts are referring to SHIB’s continued high support levels, which were resistance points in early 2023. This tenacity in holding critical support levels indicates strong market sentiment and room for further growth.
While Bitcoin has also seen a substantial increase, up 120% annually, SHIB’s 155% gains are particularly notable. At the time of writing, SHIB was down 0.19% over the past 24 hours to $0.0000224, reflecting the overall lackluster activity in the crypto market.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, performing comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.