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Shiba Inu Secures Elite Standing in Market Rankings Amongst Meme Cash

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In a unprecedented show of market momentum, Shiba Inu has clinched the second spot in VanEck’s MarketVector’s Meme Coin Index. This achievement is a giant milestone for Shiba Inu, which continues to draw the eye of the cryptocurrency neighborhood.

MarketVecto, a VanEck subsidiary, has joined the meme coin bandwagon, launching a brand new index centered on the massively standard token class. The meme coin index, which trades below the ticker MEMECOIN, tracks the highest six meme tokens.

MarketVecto, a subsidiary of American asset administration big VanEck, launched the Meme Coin Index, together with Dogecoin (30.77%), Shiba Inu (28.34%), Pepe (14.51%), dogwifhat (12.54%), Floki Inu (7.14%) and BONK (6.7%) ). The Meme Coin Index has returned 137.96% to this point this yr,… pic.twitter.com/7QeecKTbTx

— Wu Blockchain (@WuBlockchain) Might 9, 2024

Shiba Inu is the second-largest holding within the index, with a weight of 28.34%. Different names embrace Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI) and BONK.

The Meme Coin Index has returned 137.96% in good points this yr, demonstrating the spectacular development of meme currencies, with Shiba Inu standing out. This index is now the highest performer on MarketVector.

Shiba Inu market efficiency

Shiba Inu noticed a formidable surge earlier within the yr, rising about 300% to highs of $0.000045 on March 5. Shiba Inu briefly entered the highest 10 cryptocurrencies by market capitalization earlier than slipping to eleventh place with a present market capitalization of $13.18 billion.

Following its meteoric rise, Shiba Inu encountered profit-taking, giving up a few of its good points, however it’s nonetheless up 155% on a one-year foundation, in line with CoinGecko knowledge.

See also  XRP Sees 600% Influx Surge Amid Market Uncertainty

The 155% improve in SHIB’s worth might be attributed to a number of components. Technical analysts consult with SHIB’s continued robust assist ranges, which had been factors of resistance in early 2023. This tenacity in sustaining important assist ranges alerts robust market sentiment and room for added development.

Whereas Bitcoin has additionally seen a considerable improve, up 120% yearly, SHIB’s 155% good points are significantly notable. On the time of writing, SHIB was down 0.19% within the final 24 hours to $0.0000224, reflecting the general lackluster exercise on the crypto market.

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