Shiba Inu (SHIB), the second-largest cryptocurrency, has spearheaded the recent cryptocurrency market recovery with notable gains. Despite some retracements, SHIB remains up by 7% over the past 24 hours, according to CoinGecko data. This performance makes it the best-performing cryptocurrency among the top 20 by market cap.
In fact, SHIB ranks as the sixth best-performing cryptocurrency among the top 100. Only Notcoin (NOT), Arbitrum (ARB), Optimism (OP), MANTRA (OM), and Celestia (TIA) have surpassed its gains.
Notably, SHIB has significantly outperformed other cryptocurrencies. Its main competitor, Dogecoin (DOGE), has only added 2.3% over the past 24 hours. Other cryptocurrencies have posted relatively modest gains, while Dogwifhat (WIF) has dropped by approximately 6%, making it one of the biggest laggards among cryptocurrencies with a market cap exceeding one billion dollars.
The crypto market is anticipated to experience another cycle of meme coins. Previously, it was suggested that digital asset investors should exclusively focus on meme cryptocurrencies.
Meanwhile, former Goldman Sachs analyst Murad Mahmudov stated in April that he expected Pepe (PEPE) to eventually surpass both Shiba Inu (SHIB) and Dogecoin (DOGE) in market capitalization. In May, he also predicted that WIF would outperform SHIB.
Read more Could Shiba Inu Reach New Heights? Potential for a 9,472% Surge
Despite being down over 81% from its all-time high, SHIB’s market value is still estimated at around $9.6 billion, making it the fourteenth-largest cryptocurrency by market cap. PEPE and WIF are ranked 27th and 50th, respectively.
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