Dog-themed meme coin Shiba Inu (CRYPTO: SHIB) has surged by 208% so far in 2024, catapulting its market capitalization to $18.28 billion.
What Happened: Currently positioned at number 12, Shiba Inu’s consistent rally since the beginning of Q4 2024 has led crypto analysts to forecast its potential rise into the top 10 cryptocurrencies by market cap.
The price of SHIB rose from a low of $0.00001079 on August 5 to $0.00003318 on December 1, before slightly pulling back to $0.00003090.
This impressive rally has shattered multiple resistance levels, with the next resistance marked at $0.00004575, a yearly high achieved in Q1 2024. Despite the price rally, it’s the growing market cap of SHIB that has captured analysts’ attention.
According to data from Benzinga, SHIB’s market cap has been steadily increasing since September, with capital inflow into the Shiba Inu network propelling the ecosystem’s market cap from $7.57 billion in the first week of September to $19.41 billion as of December 5.
Also Read: Shiba Inu Soars To Eight-Month High, Up 13% as Meme Coins Rally
Shiba Inu currently lags behind Avalanche (CRYPTO: AVAX), which occupies the 11th spot in the overall ranking, with a market cap of $21.28 billion.
However, analysts are of the opinion that the strong momentum of SHIB could potentially outpace AVAX and break into the top 10 cryptocurrencies.
Why It Matters: The surge in Shiba Inu’s market cap is a testament to the growing popularity and acceptance of memecoins in the crypto market.
This rally is not just about price but also about the increasing market cap, indicating a significant inflow of capital into the Shiba Inu network.
If Shiba Inu continues this momentum, it could potentially disrupt the current rankings and establish itself among the top 10 cryptocurrencies, a feat that would further solidify the position of meme coins in the crypto space.
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