Shiba Inu Flips Cardano With A 17% Surge To Become 10th-Biggest Crypto As Meme Coin Mania Returns

Updated: 31 May 2024

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Shiba Inu (SHIB) flipped the layer-1 project Cardano (ADA) after a 17% pump to become the 10th biggest crypto by market capitalization amid a new outbreak of meme coin mania.

SHIB overtakes ADA (Source: CoinMarketCap)

Shiba Inu Closes On Toncoin

SHIB’s pump was enough to push its weekly performance out of the red zone, firing its market cap to above $17.02 billion. That’s slightly over $500 million more than ADA.

SHIB also narrowed the gap with 9th-ranked Toncoin (TON), which has a market cap of more than $22.7 billion. TON recorded a 3% gain in the last 24 hours.

The pump by the canine-themed SHIB, the second biggest meme coin behind Dogecoin (DOGE), contributed to a 9% surge in the meme coin sector’s market’s capitalization during the last 24 hours to about $68 billion.

Cat In A Dogs World (MEW) led gains among the biggest meme coins by market cap with a 38% surge, followed by DOG•GO•TO•THE•MOON (DOG) with a 36% leap, and MAGA (TRUMP), which soared 23%.

Long-Term Shiba Inu Investor Realizes 419x Profits

The pump in the SHIB price surge helped long-term investor to realize some outsized profits, according to the on-chain tracking app Lookonchain. After purchasing 48.09 billion SHIB tokens for $2,625 approximately 3.5 years ago, the investor cashed out for $1.1 million earlier today.

After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit.

He spent 2 $ETH($2,625) to buy 48.09B $SHIB on Feb 1, 2021, and sold it for 278.7 $ETH($1.1M) just now, a gain of 419x!https://t.co/Pw9i9wbKcn pic.twitter.com/Qvp9wKpWCc

— Lookonchain (@lookonchain) May 27, 2024

With investors pumping capital into meme coins again, smaller presale tokens may also benefit. Among ICOs cited by analysts, Dogecoin derivative Dogeverse (DOGEVERSE) could be among the big winners with its launch just days away, while brand new ICO PlayDoge (PLAY)has just exploded onto the scene after raising $200k in minutes of its launch.

Another red hot ICO is the AI meme coin WienerAI (WAI), which mines two of the hottest niches in crypto: meme coins and AI. It’s presale has already raised more than $3.3 million.

On the Solana blockchain, Sealana (SEAL) has raised more than $3 million as it strives to be the next meme coin to explode on the network, and become a new WIF, BONK, or SLERF.