Shiba Inu has secured the second position on VanEck’s MarketVector’s Meme Coin Index, demonstrating an amazing show of market momentum. Shiba Inu, which continues to draw interest from the cryptocurrency world, has accomplished a significant milestone with this accomplishment.
A VanEck subsidiary called MarketVecto has created a new index that is centred on the wildly popular token category, jumping on the meme coin bandwagon. The top six meme tokens are tracked by the meme coin index, which is traded under the ticker MEMECOIN.
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With a weight of 28.34%, Shiba Inu is the second-largest holding in the index. Additional monikers include Floki Inu (FLOKI), Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), and BONK.
Shiba Inu has stood out among the other meme currencies, as seen by the Meme Coin Index’s 137.96% rise this year. Right now on MarketVector, this index is the best performer.
Shiba Inu market performance
Earlier in the year, Shiba Inu saw a remarkable increase, increasing by over 300% to reach a peak of $0.000045 on March 5. Shiba Inu’s market value of $13.18 billion now places it in 11th place among cryptocurrencies, having momentarily risen to the top 10.
Shiba Inu experienced profit-taking after its explosive ascent, giving up some of its gains, but according to CoinGecko statistics, it is still up 155% year over year.
There are other reasons for the 155% rise in SHIB’s value. Technical experts make reference to the early 2023 barrier levels on SHIB, which are still solid support levels. Strong market mood and potential for further expansion are shown by the market’s persistence in holding onto key support levels.
Though Bitcoin has also increased significantly, up 120% year, SHIB’s 155% gains are especially noteworthy. SHIB was down 0.19% to $0.0000224 as of this writing, which is indicative of the generally sluggish action on the cryptocurrency market.
