Meme tokens are back in fashion it seems as the Dogecoin spinoff, Shiba Inu, has surged up the market cap charts this week flipping several crypto giants. Shiba Inu (SHIB) has surged to twelfth place in the crypto market capitalization charts after gaining more than 50% over the past 24 hours.
It is now larger than Binance’s stablecoin, BUSD, with a market cap of just under $15 billion according to CoinGecko. SHIB prices lifted off in late U.S. trading when they were hovering around $0.0000225. They surged to top out at $0.0000336 during the morning of Oct 7 before retreating slightly.
The SHIB market cap is now larger than that of Uniswap, Avalanche, Litecoin, and Chainlink. It is not the highest the doggy meme token has been, however, as it hit an all-time high of $0.0000379 on May 10.