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Following its recent rebound, dog-themed Shiba Inu (SHIB) has made massive progress in the broader crypto ecosystem. Amid the general bullish wave in the crypto market, SHIB has recorded significant gains, climbing from a low of $0.00001476 to over $0.000015.
Shiba Inu registers momentum as volume and market cap soar
As per CoinMarketCap data, SHIB has risen to $0.00001594, marking a 3.13% increase in the last 24 hours. The meme coin rose to $0.00001607 as transaction volume soared before witnessing corrections.
Investors remain active, pushing trading volume up 3.71% to $595.15 million. This suggests renewed interest from SHIB holders in the market.
The increased activity supported a spike in SHIB’s total market capitalization. SHIB now has a market cap of $9.3 billion, a development that helped it flip Hedera from the 15th position to 16th. Hedera’s market cap stands at $8.79 billion.
If SHIB sustains its bullish momentum, it could take on Stellar (XLM), XRP’s key rival. Notably, XLM currently has a market cap of $9.404 billion. SHIB is just about $100 million away from catching up with XLM.
However, this relies on the assumption that SHIB and XLM will continue on their current growth trajectories. As of press time, XLM maintained price growth of 0.25% against SHIB’s 3.13%.
May's historical performance supports SHIB to flip XLM
If history repeats itself, SHIB appears equal to flipping XLM. Several factors suggest this is possible, including the current uptick in trading volume, bullish rally and historical data.
The meme coin has average growth of 61% in May and could lose another zero from its price. If SHIB achieves that, it could become the 14th-ranked asset by market capitalization or even better.
This would require ecosystem support, particularly from loyal long-term holders who comprise 78% of the community.
Vladislav Sopov