Shiba Inu approaches Cardano as market capitalization competition intensifies

Shiba Inu (SHIB) is on the verge of overtaking Cardano (ADA) in market capitalization. Currently, the gap between the two is very small, at $220 million. Shiba Inu is valued at $16 billion compared to Cardano’s $16.22 billion.

The increased activity of meme coins in both direct investment and futures trading suggests that they are transitioning from a niche internet joke to a major financial asset.

Shiba Inu Investor Booked 419X Profits As Meme Coin Surges

Earlier today, Shiba Inu briefly surpassed Cardano, signaling a potential move higher in the rankings. But he could not keep his position. This case highlights the volatile nature of meme coins, which are known for rapid price fluctuations.

Historically, Cardano has been a top contender in the cryptocurrency market, ranking third in market capitalization during the 2021 bull market. Currently ranked 10th, it faces stiff competition from rising stars such as Shiba Inu.

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

Notable success within the Shiba Inu community highlights the appeal of meme coins. According to Lookonchain, one investor made a fortune by investing a small amount of two Ethereum (ETH) worth $2,625 at the time.

The 48.09 billion SHIB tokens purchased on February 1, 2021 were sold for an impressive 278.7 ETH, worth a total of $1.1 million. As a result, the investor received a profit of 419 times. In particular, the Shiba Inu team also congratulated this investor on his success.

“Three years ago, a dedicated member of our community took a leap of faith and invested in SHIB. Today they are celebrating a monumental 419-fold increase,” the Shiba Inu team wrote.

If this investor had sold at the peak in October 2021, his profits would have been over $4.1 million, a return of 156,190%. These incredible returns exemplify the high-risk, high-reward nature of investing in meme coins.

As of May 29, MEMCOIN was strong even though Bitcoin (BTC) and Ethereum were relatively stable days. The market capitalization of the MEMCOIN sector increased 2.74% in 24 hours, reaching $66 billion. This growth goes beyond individual success stories and indicates strong market interest in meme coins.

Read more: 7 Hot Meme Coins and Altcoins That Will Be Trending in 2024

Besides Shiba Inu, another meme coin, Pepe (PEPE), is approaching the market cap of Polygon (MATIC), with PEPE at $6.29 billion and MATIC at $6.75 billion. This trend shows the growing acceptance and interest in meme coins as a legitimate trading opportunity.