Over the last 24 hours, Shiba Inu (SHIB) has been outperforming other major cryptocurrencies, including Bitcoin (BTC) and its arch-rival Dogecoin (DOGE) in terms of price. It’s currently changing hands at $0.00002759 on CoinMarketCap, with an over 24% price increase.
The cryptocurrency has also gained a 244% increase in trading volume, topping $2.7 billion. SHIB is currently the 6th traded digital currency behind Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Binance USD (BUSD).
Shiba Inu (SHIB) Displaces Polygon (MATIC)
Due to the recent price increase, Shiba Inu has displaced Polygon (MATIC) to occupy the 14th position in the market.
Although the meme coin’s recent price spike has been impressive, it is still down relatively 67% from its price all-time high. However, the Dogecoin competitor has gained 72% since plunging to its multi-month of $0.00001704.
Bitcoin, the largest cryptocurrency, peaked at $43,000 earlier today, recovering 30.5% from the recent low of $32,950. It is down 37.95% from the record peak.
The crypto king’s most recent price spike has pushed the rest of the cryptocurrency market higher. Ethereum, Binance Coin, Cardano, Solana, and other major altcoins are in the green. Ripple-affiliated XRP is up roughly 10% over the past 24 hours.
The market capitalization of the entire crypto market is now inching closer to $2 trillion after surpassing $3 trillion in November 2021.