A major shift recently happened in the cryptocurrency market where Shiba Inu ($SHIB) surpassed Uniswap ($UNI) in market capitalisation. This placed the memecoin as one of the leading Ethereum-based tokens.
The development is not just a numerical milestone but part of broader discussions about $SHIB’s potential to enhance Ethereum’s network infrastructure.
Additionally, there have been ongoing conversations about the growing importance of social technologies in the crypto space.
Ethereum co-founder, Vitalik Buterin, recently emphasised the importance of social technologies like prediction markets and Community Notes.
These tools are essential for fostering truth-seeking and democratic participation, aligning well with the decentralised and community-driven nature of Shiba Inu.
Market performance and developments
Shiba Inu’s market capitalisation has exceeded $10 billion, indicating strong community support and growing investment interest.
The token is becoming increasingly popular among cryptocurrency enthusiasts due to its expanding use cases and enhanced functionality.
A significant contributor to $SHIB’s position is ShibaSwap, a decentralised platform that boosts its utility within the DeFi ecosystem.
Moreover, the ongoing development of Shibarium, a layer-2 blockchain, aims to reduce transaction costs and improve efficiency, making $SHIB more attractive to investors.
Currently, Shiba Inu trades at $0.00001711, with a 24-hour trading volume of $161,316,057.40. It has seen a 1.41% price increase in the past 24 hours, although it has experienced a slight 0.37% decrease over the past week.
Nevertheless, its consistent performance underscores $SHIB’s strength and its potential to maintain a leading position in the Ethereum memecoin market.
Uniswap, known for its innovative decentralised trading platform, has been an active player in the Ethereum community.
However, Shiba Inu’s recent surge suggests a shift in investor attention toward meme coins with robust communities and practical features.
Uniswap aims to regain investor interest with its latest initiative, Uniswap v4, which offers customisation options and reduced transaction fees.
A memecoin champion
Shiba Inu ($SHIB) has managed to maintain its position as the top memecoin in the Ethereum ecosystem, despite the emergence of new similar projects.
The token boasts a fully diluted valuation of about $17 billion and a daily average traded volume of approximately $156 million, with nearly 1.4 million on-chain holders.
Shiba Inu’s impressive performance, significant network development, and support from Ethereum co-founder, Vitalik Buterin, have helped the meme coin remain relevant throughout the crypto bear market.
The development of the Shibarium layer-two ecosystem has also played a crucial role, with a dozen web3 projects locking around $1.6 million on the network. This adoption has increased the $SHIB on-chain burn, raising the value of existing tokens.
The ongoing mass adoption of meme coins has also attracted institutional investors to Shiba Inu. Recently, Kronos Advanced Technologies Inc. announced that its customers could now use Shiba Inu for payments.
According to the CEO of Kronos, Greg Rubin, integrating Shiba Inu for payments will help the company meet the growing demand for alternative payment options.
In the midterm, Shiba Inu’s price has been on a rising trajectory following a successful bullish breakout from the 2022 crypto bear market.
Technically, Shiba Inu’s price could find solid support between the 0.5 and 0.618 weekly Fibonacci Extension. This suggests that $SHIB might continue to see strong performance, further solidifying its position in the cryptocurrency market.
