As we reported , meme coin Shiba Inu (SHIB) has officially become the largest dog coin after knocking out Dogecoin (DOGE), according to CoinGecko data. SHIB’s current market cap has reached $31.8 billion, surpassing DOGE’s by $636 million. However, the transition we talked about on CoinMarketCap has yet to happen.
SHIB crushes other altcoins
In this case, the meme cryptocurrency Dogecoin, backed by Elon Musk, has been pushed out of the top 10 for now. The multi-billionaire is widely considered to be responsible for Dogecoin’s massive rise in early 2021. However, the series of recent tweets about cryptocurrencies did not create a surge.
Shiba Inu (SHIB) reached its all-time high (ATH) for the first time since May on Sunday. However, after Elon Musk tweeted that he didn’t have any SHIB tokens and smashed months of speculation, SHIB quickly made some gains. However, the decline could not stop the surging rally of Shiba Inu, which is a sign that Elon Musk’s influence on the cryptocurrency market is waning, and SHIB has increased by 420% this month, crushing other altcoins.
The supposed joke coin, a parody of the bitcoin parody, is now valued higher than that of big companies like Etsy and Fujifilm, which serves as a testament to the strength of profit-hungry retail investor kiddos. According to a study by Bacancy Technology, the Shiba Inu is the third most sought-after cryptocurrency this year, after Bitcoin and Ethereum.