- Shiba Inu (SHIB) has surpassed Bitcoin Cash (BCH) in market capitalization, ranking as the 18th largest cryptocurrency with nearly $5 billion in value.
- SHIB experienced a price rally, increasing around 5% in 24 hours and 12% over two weeks, outperforming major cryptocurrencies like BTC and ETH, which have shown more stability in their price movements.
- The SHIB surge is potentially influenced by the development of Shibarium, a layer-2 solution aimed at reducing transaction fees and increasing speed for the Shiba Inu network, which has recently exceeded 1.5 million blocks.
Shiba Inu’s Recent Push
The popular meme coin and the second-biggest by market capitalization in its realm – Shiba Inu – made the headlines again by surpassing Bitcoin Cash in terms of market capitalization. Currently, SHIB is the 18th largest cryptocurrency with a market cap of almost $5 billion, whereas BCH is following closely at the 19th spot.
This noteworthy development comes on the heels of a SHIB rally. The self-proclaimed Dogecoin killer has risen approximately 5% in the past 24 hours and over 12% on a two-week basis.
In comparison, many of the largest crypto assets by market cap, such as Bitcoin (BTC) and Ether (ETH), have consolidated around their valuations in the past few days.
One factor playing a role in SHIB’s price increase could be the advancement of the layer-2 scaling solution Shibarium. As CryptoPotato reported, the network has smashed several milestones during its two-month existence. Most recently, the total number of blocks in Shibarium surpassed the coveted level of 1.5 million.
The L2 blockchain solution aims to help Shiba Inu gain a leading position in the memecoin sector by lowering transaction costs and improving speed. Those curious to find out more about its purposes and specifics could take a look at the video below: