Shiba Inu Surges 70%, Climbs Crypto Market Ranks Amid Pro-Crypto Sentiment

Shiba Inu (SHIB) has made significant strides, pushing its way up the cryptocurrency rankings by market capitalization over the weekend. Now valued at approximately $14.77 billion, SHIB has surpassed both Tron (TRX) and Toncoin (TON) after a week of impressive gains. SHIB’s price surged over 70% during the week, briefly reaching a high of $0.000027 on November 10. At the time of writing, it stands at $0.00002516, marking a 12.5% rise over the past 24 hours and a 48.7% increase in seven days.

The recent uptrend has also propelled SHIB to a multi-month peak, lifting it above the $0.0002169 level where it had consolidated since June. Market analysts suggest that SHIB could see further growth if its momentum holds.

SHIB has seen exceptional growth since its inception, now trading nearly 44021689.3% above its lowest-ever price from November 2020, although it remains 70% below its all-time high (ATH) from October 2021. As of now, SHIB’s market capitalization is approximately $600 million above TRX and $1.4 billion above TON. Meanwhile, TRX and TON are seeing modest fluctuations, with TRX up by just 0.7% and TON down by 2.7% over the past day.

Uptick in Broader Crypto Market

SHIB’s rally has coincided with a surge across the crypto market, influenced in part by Donald Trump’s recent U.S. presidential victory. The President-elect’s pro-crypto stance has been viewed by many as a positive signal for the industry, resulting in notable price increases for major assets, with Bitcoin (BTC) setting new all-time highs. Meme coins, especially Dogecoin (DOGE), have also surged, with DOGE’s valuation now surpassing $41 billion, placing it as the sixth-largest cryptocurrency by market cap.

Following SHIB’s latest price action, its ranking stands at #10, slightly behind Cardano (ADA) at #9 with a $20.5 billion market cap. SHIB’s lead developer, Shytoshi Kusama, credits the recent performance to the “power of technologies and innovative thinking,” which they noted has helped SHIB thrive despite the bear market.