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The popular meme coin Shiba Inu (SHIB) is getting close to Bitcoin Cash, with a difference of just over $1.4 billion in market capitalization between the two. SHIB is currently valued at $8.86 billion, while Bitcoin Cash is at $10.35 billion. After a solid two-week run, SHIB is gearing up to take on BCH for 17th place on CoinMarketCap — for the first time since last year.
Since July 10, Shiba Inu has gained more than 16%, while BCH has risen by just under 7% over the same period. But the meme coin has added about 32% more than the Bitcoin fork in total movement this month, thanks to an Ethereum renaissance.
SHIB's trading volume over 24 hours is $529 million, almost matching BCH's $610 million, despite its price per unit being just a fraction of a cent. Liquidity on the major exchanges is still strong, and SHIB is getting a lot of attention on major exchanges.
At press time, SHIB is trading at $0.000015, which is slightly lower than yesterday's figure but still in the black for the week. BCH is currently at $520, with a steadier upward trend, though.
Switching between the two would be more than just a cosmetic change for an elite crypto ranking. It would mean a change in the way money flows between older fork-era coins and more active speculative assets.
If things keep going the way they are, SHIB could beat BCH in just a few days. Sure, this has not happened yet, but there is a good chance it will, and market participants are keeping an eye on it. Just $1.488 billion to go.
Vladislav Sopov
U.Today Editorial Team