Shiba Inu enters Top 10 by overtaking TRX and TON after weekend surge

Over the weekend, Shiba Inu (SHIB) climbed the list of largest cryptocurrencies by market capitalization, surpassing both Tron (TRX) and Toncoin (TON).

This rise follows a positive performance over the past week, during which the price of the dog-themed meme coin surged by more than 70% at one point.

SHIB price up 12%

On November 10, data from various cryptocurrency price tracking websites, including CoinGecko and CoinMarketCap, showed that SHIB was among the top three performers in the market. That day, it gained 25%, briefly surpassing $0.000027. This resulted in a multi-month spike that took the coin’s market value to over $14 billion.

At the time of writing, SHIB price was at $0.00002516, a 12.5% ​​improvement over the past 24 hours and a 48.7% jump over seven days. It significantly outperformed the global crypto market, which had risen more than 21% over the previous seven days.

The latest gains took the second most valuable meme token above the $0.0002169 level, where it had been held since June. Analysts suggest it could reach an even higher level if it maintains the current momentum.

Although still over 70% below its all-time high (ATH) reached on October 28, 2021, SHIB is a remarkable 4,402,1689.3% higher than its lowest price ever, recorded ago four years in November 2020.

Additionally, its current market cap of $14.77 billion puts it nearly $600 million more than Tron and about $1.4 billion more than Toncoin. While TRX is up slightly by 0.7%, TON has fallen by 2.7% over the past day.

Rise in the broader crypto market

As CryptoPotato According to reports, the race for the meme coin coincided with Donald Trump’s resounding victory in the just-concluded US presidential vote. During his campaign, the president-elect presented himself as a pro-crypto candidate, and his victory is seen by many as a new dawn for the industry.

His victory sparked a price surge in the broader crypto market, with Bitcoin (BTC) successively shattering its all-time high price.

There has also been a resurgence in meme coins, with Dogecoin (DOGE) leading the way. Valued at over $41 billion, DOGE is now the sixth largest cryptocurrency by market capitalization after supplanting USD Coin (USDC).

For its part, SHIB is currently ranked #10 (on CMC), following a late rally in Cardano (ADA), whose $20.5 billion valuation places it at #9. Its pseudonymous lead developer, Shytoshi Kusama, attributed SHIB’s price surge to the “power of technology and innovative thinking,” which they say carried the project through the bear market.