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.
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