Shiba Inu (SHIB-USD) fans are celebrating as the meme token has undergone a recent rally that’s seen it take the number 11 spot in market capitalization among cryptos.
The massive gains experienced by Shiba Inu recently even saw its rally take it into the 10 top cryptos by market cap. However, once that rally ended, the token ended up settling in price and dropped into the 11th position.
This has the market capitalization for SHIB sitting at roughly $15.75 billion as of Monday morning. Sitting just above it is Avalanche (AVAX-USD) with a market cap of about $16.35 billion. Below Shiba Inu is Polkadot (DOT-USD) with a $12.87 billion market cap.
What’s Behind the Shiba Inu Rally?
The entire crypto market has been undergoing a rally recently thanks to Bitcoin (BTC-USD). The world’s leading crypto is climbing higher and some believe it will even surpass its previous all-time high.
With this happening, cryptos are taking off alongside BTC. Adding to that is the meme crypto market seeing exceptional movement lately as traders pile into tokens. That’s adding to the influence Bitcoin is having on the crypto market.
SHIB is up 18.4% over the prior 24-hour period as of Monday morning as it continues to rally higher.
Investors seeking out even more of the most recent crypto market news will want to keep reading!
We have all of the hottest crypto news that traders will want to read about today! Among that is what has BitFuFu (NASDAQ:FUFU) stock up today, hot to take advantage of the crypto boom and more. You can catch up on all of these matters at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
