Shiba Inu enters Top 10 beating TRX, TON after weekend surge

Over the weekend, Shiba Inu (SHIB) topped the list of the largest cryptocurrencies by market capitalization, surpassing both Tron (TRX) and Toncoin (TON).

The rally followed a positive performance over the past week, during which the price of the dog-themed meme coin rose more than 70% at one point.

SHIB price 12% more

On November 10, data from several crypto price tracking websites, including CoinGecko and CoinMarketCap, showed that SHIB was among the top 3 performers in the market. That day, it gained 25%, briefly topping $0.000027. It sparked a multi-month spike that took the coin’s market value to more than $14 billion.

At the time of writing, SHIB was trading at $0.00002516, a 12.5% ​​improvement in the last 24 hours and a 48.7% seven-day jump. It massively outperformed the global crypto market, which had risen more than 21% over the previous seven days.

The latest gains have lifted the second most valuable token above the $0.0002169 level, where it had been held since June. Analysts suggest it could break further if the current momentum holds.

While still more than 70% below its all-time high (ATH) reached on October 28, 2021, SHIB is a remarkable 44021689.3% higher than its lowest price recorded four years ago in November of 2020.

Also, its current market cap of $14.77 billion puts it almost $600 million more than Tron and about $1.4 billion more than Toncoin. While TRX is up a modest 0.7%, TON is down 2.7% in the last day.

Growth of the broader crypto market

As reported by CryptoPotato, the meme coin’s run coincided with Donald Trump’s resounding victory in the just-concluded US presidential vote. During his campaigns, the president-elect presented himself as a pro-crypto candidate, and his victory is seen by many as a new dawn for the industry.

His win sent prices soaring across the broader crypto market, with Bitcoin (BTC) breaking its all-time high price in quick succession.

There has also been a resurgence of meme coins, with Dogecoin (DOGE) leading the charge. Valued at more than $41 billion, DOGE is now the sixth largest cryptocurrency by market capitalization after supplanting the USD currency (USDC).

SHIB, meanwhile, is currently ranked #10 (on CMC), following a late rally by Cardano (ADA), whose $20.5 billion valuation puts it at #9. Its main developer pseudonym Shytoshi Kusama attributed SHIB’s skyrocketing prices to the “power of technologies and innovative thinking,” which they said had led the project through the bear market.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!