cryptocoin.com As we reported, meme coin Shiba Inu (SHIB) has officially become the largest dog coin after knocking out Dogecoin (DOGE), according to CoinGecko data. SHIB’s current market value reached $31.8 billion, surpassing DOGE’s market value by $636 million. However, the transition we talked about on CoinMarketCap has yet to happen.
SHIB crushes other altcoins
In this case, the meme cryptocurrency Dogecoin, backed by Elon Musk, has been pushed out of the top 10 for now. The multi-billionaire is widely considered to be responsible for Dogecoin’s massive rise in early 2021. However, his latest tweets about the cryptocurrency did not create a surge.
The Shiba Inu (SHIB) hit its all-time high (ATH) for the first time since May on Sunday. However, after Elon Musk tweeted that he did not own any SHIB tokens and dispelled months of speculation, SHIB quickly made some gains. However, the slump failed to stop the surging rally of Shiba Inu, a sign that Elon Musk’s influence on the cryptocurrency market is waning, and SHIB is up 420% this month, crushing other altcoins.
The so-called prank coin, which is supposed to be a parody of Bitcoin, is now valued higher than that of big companies like Etsy and Fujifilm, which serves as a testament to the power of profit-hungry masses of retail investors. According to a study by Bacancy Technology, the Shiba Inu is the third most sought-after cryptocurrency this year, after Bitcoin and Ethereum.
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