Shiba Inu Closes in on Cardano as Market Cap Battle Intensifies

Shiba Inu (SHIB) is on the cusp of overtaking Cardano (ADA) in market capitalization. Presently, the gap between the two is a slim $220 million, with Shiba Inu valued at $16 billion versus Cardano’s $16.22 billion.

This increased activity in meme coins, both in direct investment and futures trading, suggests they are transitioning from niche internet jokes to major financial assets.

Shiba Inu Investor Booked 419X Gains as the Meme Coin Surge

Earlier today, Shiba Inu briefly surpassed Cardano, signaling its potential to climb higher in the rankings. However, it could not maintain its position. This instance highlights the volatile nature of meme coins, known for their rapid price fluctuations.

Historically, Cardano was a top contender in the crypto market, reaching third place in market cap during the 2021 bull run. Now ranked tenth, it faces stiff competition from rising stars like Shiba Inu.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

A notable success within the Shiba Inu community highlights the allure of meme coins. According to Lookonchain, one investor turned a modest investment of 2 Ethereum (ETH)—worth $2,625 at the time—into a fortune.

Purchased on February 1, 2021, the 48.09 billion SHIB tokens were sold for an impressive 278.7 ETH, totaling $1.1 million. Consequently, the investor achieved a 419x gain. Notably, the Shiba Inu team also celebrated this investor’s success.

“Three years ago, a dedicated member of our community took a leap of faith and invested in SHIB. Today, they’re celebrating a monumental 419x gain,” the Shiba Inu team wrote.

If this investor had sold at the peak in October 2021, their earnings would have surpassed $4.1 million, marking a return of 156,190%. These extraordinary profits exemplify the high-risk, high-reward nature of meme coin investments.

As of May 29, meme coins showed robust performance despite a relatively stable day for Bitcoin (BTC) and Ethereum. The meme coin sector’s market capitalization increased by 2.74% within 24 hours, reaching $66 billion. This growth indicates a strong market interest in meme coins beyond just individual success stories.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

In addition to Shiba Inu, another meme coin, Pepe (PEPE), is nearing the market cap of Polygon (MATIC), with PEPE at $6.29 billion and MATIC at $6.75 billion. This trend reveals a growing acceptance and interest in meme coins as legitimate trading opportunities.