A steep climb in the price of the meme cryptocurrency Shiba Inu (SHIB) has pushed its market capitalization beyond that of dogecoin.
According to data collected by price aggregator CoinGecko, SHIB is now one of the top ten cryptocurrencies by market cap. SHIB’s market cap is roughly $39.3 billion compared to dogecoin’s $31.4 billion as of press time.
SHIB’s current ranking places it above dogecoin as well as USDC, the stablecoin managed by the CENTRE consortium.
As with dogecoin’s inception, the creation of SHIB was itself a joke, with a current supply in the hundreds of trillions of tokens — hence the relatively minuscule price of about $0.000078 per coin. And like dogecoin, SHIB had initially benefited from social media attention on platforms like TikTok earlier this year. The video creation site later banned promotional videos about cryptocurrencies.
The cryptocurrency also gained notoriety this past spring after Ethereum creator Vitalik Buterin sold tranches of tokens donated to him by SHIB’s creators, giving the accrued funds away to charity. He also awarded some of the gifted SHIB tokens to a COVID-focused charity.
Yet the addition of SHIB to services such as U.S. crypto exchange Coinbase has drawn volume to the coin’s market, and in the past seven days, SHIB’s price has risen more than 180%. According to CoinGecko, roughly a quarter of all trading of SHIB occurs on Binance’s SHIB/USDT market.