Shiba Inu is Now The 12th Largest Crypto by Market Value

  • SHIB is the 12th largest crypto by market value.
  • The meme coin mania has spread like wildfire.
  • SHIB’s Relative Strength Index (RSI) was in a neutral position.

Shiba Inu has surpassed DAI to become the world’s 12th biggest cryptocurrency by market value according to Coingecko. DAI’s current market capitalization is $6,460,080,182. Shiba Inu’s market worth has overtaken DAI’s and now stands at $6,616,092,945.

The crypto world was not spared by the bear market, as all major currencies were down more than 70-80% from their all-time high. Bitcoin has also fallen to $17,700 before gradually recovering to $19,031 at the time of writing.

The meme coin mania has spread like wildfire, and the top meme coins are vying for a spot in the top 10. The evolution of meme coins, such as DOGE and SHIB, appears to be on a positive trajectory.

SHIB investors have frequently criticized the currency for experiencing only little rises. However, the current increase may have changed investors’ minds, as SHIB put on quite a show.

SHIB’s 3% rise in the previous day exceeds all top 3 currencies combined. SHIB just demonstrated to be utterly off the map and unrelated to Bitcoin and Ethereum, which were fighting to stay up and only exhibited -0.4% and 1.1% respectively in the last week.

However, according to CryptoQuant’s data, SHIB’s Relative Strength Index (RSI) was in a neutral position, while its stochastic indicated that the market was oversold, which might enable SHIB to register an upswing sooner than predicted.

indicators, source: CryptoQuant
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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer