Shiba Inu Coin (SHIB) overtook Dogecoin's (DOGE) market cap earlier today as it became the 9th largest cryptocurrency.
The meme-based cryptocurrency currently has a market cap of $34,188,890,498 according to CoinGecko, while its original inspiration, DOGE, has a cap of $32,118,561,824.
This comes after SHIB is up some 43.6% in the past 24 hours. In comparison, DOGE dropped 7.3%.
Dogecoin Market Cap Flipped By Shiba Inu
SHIB's overtaking of Doge results from consecutive days of reaching new All-Time Highs. Before the weekend, the SHIB ATH was $0.0000388, first set in May. After first hitting $0.00003995 on Sunday, it hit a new ATH today of $0.00006827.
Dogecoin, meanwhile, suffered from a brief price crash - along with most of the cryptocurrency market. It dropped to a low of $0.228 today, and is currently at $0.248.
While some of the ShibArmy community celebrated on Twitter, many have put the SHIB party on hold until CoinMarketCap puts Shiba above Dogecoin.
CoinMarketCap still lists the original memecoin as above SHIB. This discrepancy is due to a difference in the number of tokens in circulation. CoinGecko reports there is 497,730,966,630,395 SHIB in circulation, while CoinMarketCap states there are only 394,796,000,000,000. This puts SHIB's market cap at $26.5bn, some $5bn down from DOGE.
The official Etherscan page notes a circulating supply and current market cap closer to CoinGecko. According to the token’s page, its market cap is $34,184,955,458.
Just a few weeks ago, SHIB's overtaking of DOGE would have seemed extremely unlikely. Indeed, even yesterday, SHIB had a market cap of $21bn. The token has added over $13bn in under 24 hours.
To overtake Polkadot (DOT), SHIB will need to grow some 26% - or add $9bn to its market cap.
The SHIB flip is just the latest milestone as Shiba Inu continues its surge to the heights of cryptocurrency. Last week, it hit 750,000 hodlers, while earlier this week, it briefly overtook BTC as the most traded cryptocurrency on Binance, even after Elon Musk denied owning any of the currency.
Starting out as a memecoin, the Shiba ecosystem has expanded, offering hodlers the Shiboshi NFTs and an exchange platform called ShibaSwap.