Shiba Inu is not only bigger than Dogecoin — it’s now bigger than XRP, Polkadot and USD Coin as the seventh-biggest player in the market

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Shiba Inu is not only bigger than Dogecoin — it’s now bigger than XRP, Polkadot and USD Coin as the seventh-biggest player in the market
Shiba Inu has more than doubled in value in the last 12 hoursCanva
  • Shiba Inu is now the seventh-largest cryptocurrency in the world, with a market cap of $51.4 billion.
  • This makes the meme coin more valuable than not only Dogecoin, but XRP, Polkadot, and USD Coin.
  • The cryptocurrency has rallied by more than 77% in the last 24 hours.
The crypto market is bathing in red with all the top ten players shedding their value amid profit booking. All, except for Shiba Inu. The meme coin has rallied bnny 77.5% in the last 24 hours and risen to become the seventh-largest cryptocurrency in the market.

More importantly, it’s now the most valuable meme coin in the world, knocking Dogecoin off its throne. Not only is Shiba Inu more valuable than its key competitor, Dogecoin, but it’s also more valuable than USD Coin, Polkadot and XRP. Another $5 billion jump and Shiba Inu will overtake even Solana.

At a price of $0.00008748, this is the nth time that the Shiba token has hit another all-time-high in the last two weeks.

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The top 10 cryptocurrencies in the world on October 28
RankCryptocurrencyMarket Value
1Bitcoin$1.1 trillion
2Ethereum$471.5 billion
3Binance Coin$76.1 billion
4Tether$70.1 billion
5Cardano$64.4 billion
6Solana$56.3 billion
7Shiba Inu$51.6 billion
8XRP$47.2 billion
9Polkadot$40.4 billion
10USD Coin$32.6 billion
Source: Coinmarketcap.com as of October 28, 9:30 am Indian Standard Time (IST)

If Shiba Inu was an Indian company, it would be nearly as valuable as the 11th biggest player in the market, Bharti Airtel. The meme coin’s current market cap of $51.6 billion is nearly double what it was just 12 hours ago.

According to CoinDesk, Shiba Inu’s rally is being led by ‘smart money’ addresses — crypto traders who have earned more than $100,00 by providing and mining liquidity in decentralised finance (DeFi) protocols. These digital wallets have reportedly bought around $160 million worth of the token since the beginning of this week as per data from blockchain analysis firm Nansen.

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Santiment, another crypto data firm, found that Shina Inu transactions worth at least $1 million have been increasing since the beginning of October.

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