Shiba Inu Surpasses Bitcoin Cash with 5% Price Increase

Shiba Inu Surpasses Bitcoin Cash

If you’re into cryptocurrency, you may have heard that Shiba Inu (SHIB) has now become the 18th largest cryptocurrency, surpassing Bitcoin Cash (BCH) with a market capitalization of almost $5 billion. This comes after 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.

Recent Push for Shiba Inu

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.

Shibarium’s Progress

One factor playing a role in SHIB’s price increase could be the advancement of the layer-2 scaling solution Shibarium. 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.

Hot Take: SHIB’s Rise and Shibarium’s Impact

It’s clear that Shiba Inu’s recent rise has put it ahead of Bitcoin Cash in terms of market capitalization. With Shibarium making significant progress and exceeding 1.5 million blocks, it seems that this layer-2 solution is contributing to SHIB’s success by reducing transaction costs and increasing speed for the network. This could potentially solidify Shiba Inu’s position as a dominant force in the meme coin sector.