Shiba Inu will abolish DAI and become the 12th largest cryptocurrency in the world in terms of market value. DAI’s current market capitalization is $ 6,338,011,031. The Shiba Inu exceeded DAI’s market capitalization at $ 6,486,570,151.
The memecoin frenzy is catching up like a wildfire, with the top memecoin aiming to be in the top 10. Progress in memecoin, including DOGE and SHIB, seems to be on a progressive trajectory.
The bear market has spared the territory of cryptocurrencies as all major coins have fallen by more than 70-80% from record highs. Bitcoin was also down to $ 17,700, but at the time of writing it slowly returned to $ 20,738.
Shiba Inu got 35% last week
The Shiba Inu plunged to a low of $ 0.000007197 in the crypto bear market. However, the SHIB gradually rose 35% last week, surpassing most of the top coins.
SHIB is on the road to recovery fast. Between the collapse of Terra’s ecosystem and the bear market, it caused great turmoil. SHIB broke the chain and moved from a general cryptocurrency trend to better performance than other coins on the market.
Shiba Inu has begun to be widely accepted in the market. From small real estate companies to fashion giants, Gucci, everyone wanted to accept the Shiba Inu.
SHIB investors often criticize currencies for seeing only a slight surge. However, the recent rally may have upset investors’ thinking, as the SHIB showed so much show.
The 35% increase in SHIB last week outperformed all of the top 10 coins. When Bitcoin and Ethereum were having a hard time catching up and only showing 1.4% and 5.9% respectively last week, the SHIB proved to be completely off the map and unrelated to them.
Coins like Solana marked a gain of 13.3% and XRP marked 8.8%, but couldn’t even get close to SHIB’s performance.