Shiba Inu (SHIB) Soars 18% as Crypto Market Recovers

According to data provided by CoinGecko, the leading meme cryptocurrency Shiba Inu (SHIB) is up more than 17%.

The meme cryptocurrency is currency trading at $0.0000268 on major spot exchanges. Prior to that, it peaked at $0.00002795.

Currently valued at $15.8 billion, it is the 12th biggest cryptocurrency by market cap.

Dogecoin (DOGE) is the biggest meme coin by market cap, currently valued at $23.2 billion.

However, SHIB is far from being the top-performing cryptocurrency over the last 24 hours. In the meantime, meme cryptocurrency Bonk (BONK) is up more than 42% over the past 24 hours.

Pepe (PEPE) and Floki (FLOKI) are also up roughly 20%, following the broader bullish trend.

Breathing down Cardano’s neck

SHIB is now within striking distance of surpassing Cardano (ADA) by market cap. The latter is currently valued at $17.7 billion. This puts it in 11th place by market capitalization.

Despite its recent rally, the price of the second-largest meme cryptocurrency is still down more than 68% from its recent high.

Post-halving rally?

Despite the fact that many expected the halving to be a sell-the-news event, the cryptocurrency market is currently in the green.

Bitcoin (BTC), the largest cryptocurrency, is up more than 2% over the past 24 hours.

The altcoin rally, however, appears to be much stronger. Ethereum (ETH), BNB (BNB), Solana (SOL) and Avalanche (AVAX) are also up more than 4% over the past 24 hours.

Bitcoin dominance is now on the cusp of plunging below the 50% level.

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