Memecoins
Shiba Inu secures elite status in the meme coin market rankings
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In a stunning demonstration of market momentum, Shiba Inu took second place in VanEck MarketVector’s Meme Coin Index. This achievement is a huge milestone for Shiba Inu, who continues to attract the attention of the cryptocurrency community.
MarketVecto, a subsidiary of VanEck, has joined the meme coin bandwagon, launching a new index focused on the wildly popular token category. The Meme Coin Index, which trades under the ticker MEMECOIN, tracks the top six meme tokens.
Shiba Inu is the second largest holding in the index, with a weight of 28.34%. Other names include Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and BONK.
The Meme Coin Index has seen gains of 137.96% this year, demonstrating the impressive growth of meme currencies, including Shiba Inu in particular. This index is now the best on MarketVector.
Shiba Inu market performance
Shiba Inu experienced an impressive rally early in the year, rising nearly 300% to highs of $0.000045 on March 5. Shiba Inu briefly entered the top 10 cryptocurrencies by market capitalization before slipping to 11th place with a current market capitalization of $13.18 billion.
Since its meteoric rise, Shiba Inu has undergone profit-taking, giving up some of its gains, but is still growing 155% year-over-year, according to the data. CoinGecko data.
The 155% increase in SHIB value can be attributed to several factors. Technical analysts refer to the SHIB’s persistent and strong support levels, which were resistance points in early 2023. This persistence in holding critical support levels signals 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 fell 0.19% over the past 24 hours to $0.0000224, reflecting overall lackluster activity in the cryptocurrency market.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.