SHIB Overtakes AVAX to Become the 12th Largest Cryptocurrency

Shiba Inu's market cap has surged to $10 billion, pushing it past Avalanche (AVAX) to become the 12th largest cryptocurrency in the industry.

SHIB Overtakes AVAX to Become the 12th Largest Cryptocurrency

The meme coin sector has seen significant action recently, with top contenders Shiba Inu (SHIB) and Dogecoin (DOGE) experiencing impressive gains over the past weekend.

Specifically, Shiba Inu saw a dramatic 30% increase, climbing from $0.00001516 early in the morning to an impressive $0.00001774. With a trading volume of $3.41 billion in the past 24 hours, SHIB achieved a record high not seen since May.

At the time of writing, SHIB is trading around $0.00001671. At this price, Shiba Inu is approximately 8x below its ATH from late October 2021.

1-hour chart of SHIB/USDT on Binance as of 09:40 AM, August 15, 2022

Since the founder's departure, both the community and the SHIB team have worked to solidify the project’s position beyond a mere meme coin. Recently, the project introduced a burn portal to increase asset scarcity, established a DAO to empower the community, and launched its own metaverse project.

Additionally, the project unveiled plans for a stablecoin, reward tokens, and a collectible card game last month. Despite the harsh market conditions, Shiba Inu attracted 20,000 new users in June.

With these achievements, SHIB has officially surpassed AVAX to become the 12th largest cryptocurrency by market cap.

Meanwhile, Dogecoin, SHIB's direct counterpart, has increased nearly 8% from $0.0771 to $0.0838 during the same period.

The last time DOGE traded above $0.08 was in early June. Enthusiasts are eagerly anticipating DOGE’s potential to breach $0.10. DOGE was highly sought after during its peak at $0.34, exactly one year ago today.

1-hour chart of DOGE/USDT on Binance as of 09:40 AM, August 15, 2022