Shiba Inu Surpasses Cardano in Double-Digit Rally for Shibarium Coins

Shiba Inu (SHIB) entered the top 10 cryptocurrencies by global market cap on Wednesday, driven by double-digit gains among popular canine-themed coins following GameStop's pre-market stock surge. On May 29, 2024, SHIB surged by 13.35% to reach $0.00002927, marking a new monthly high.

This surge saw SHIB surpass Cardano (ADA), a well-established Layer-1 blockchain and long-time top 10 contender. According to the independent price aggregator CoinGecko, Shiba Inu's market capitalization stands at $16,188,304,926, slightly below ADA's $16,312,624,663.

SHIB is now closing in on Telegram's Toncoin (TON), which holds a market cap of $22,610,193,599, just above SHIB. Meanwhile, Dogecoin (DOGE) sits at #8 with a market cap of $23,872,240,172, only $1 billion ahead of this range. However, the gap between DOGE and SHIB, currently $7 billion, has only sometimes been this wide.

You can buy Shiba Inu (SHIB) on Bitrue

Shibarium’s Projects Tokens Jump

In October 2021, Shiba Inu soared to $0.00008616, claiming the top position among cryptocurrencies. By October 28, 2021, SHIB's market cap had surpassed $40 billion, exceeding the global market cap by $5 billion.

However, the likelihood of a similar feat now depends largely on developments within Shiba Inu's Layer-2 blockchain, Shibarium. Despite selling pressure in March 2024, SHIB has remained resilient, as most holders are now profitable at this price level. However, Shibarium-related tokens such as Bone ShibaSwap (BONE) and Doge Killer (LEASH) are still striving to catch up.

For example, Bone ShibaSwap has seen a 3.8% increase in the past 24 hours, trading at $0.7126 amid increasing Shibarium trading activity. Nonetheless, BONE's upward momentum is challenged because only 37% of current BONE holders are profitable at this price level.

On the other hand, Shibarium's third digital currency, LEASH, has experienced a 9.2% uptick, reaching a new monthly high of $531.49. Despite outperforming BONE, LEASH's current rally is still far from its $1,280 price milestone on March 5.