In an extraordinary display of market momentum, Shiba Inu has secured the second spot in VanEck’s MarketVector Meme Coin Index. This achievement is a major milestone for Shiba Inu, which continues to attract the attention of the cryptocurrency community.
In an extraordinary display of market momentum, Shiba Inu has secured the second spot in VanEck’s MarketVector Meme Coin Index. This achievement is a major milestone for Shiba Inu, which continues to attract the attention of the cryptocurrency community.
MercadoVecto, a subsidiary of VanEck, has jumped on the meme coin bandwagon, launching a new index focused on the very popular token category. The Meme Coin Index, which trades under the symbol MEMECOIN, tracks the top six meme tokens.
Shiba Inu is the second largest holding in the index, with a weighting of 28.34%. Other names include Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and BONK.
The Meme Coin index has seen gains of 137.96% this year, demonstrating the impressive growth of meme coins, highlighting Shiba Inu. This index is now the best performing index on MarketVector.
Shiba Inu Market Performance
Shiba Inu saw an impressive surge at the beginning of the year, rising approximately 300% to reach highs of $0.000045 on March 5. Shiba Inu briefly entered the top 10 cryptocurrencies by market capitalization before falling to 11th place with a current market capitalization of $13.18 billion.
Following its meteoric rise, Shiba Inu encountered some profit-taking, giving up some of its gains, but is still up 155% in one year, according to CoinGecko data.
The 155% increase in SHIB value can be attributed to several factors. Technical analysts are referring to SHIB’s continued strong support levels, which were resistance points in early 2023. This tenacity in maintaining critical support levels indicates strong market sentiment and room for additional growth.
While Bitcoin has also seen a substantial rise, up 120% year over year, SHIB’s 155% gains are particularly notable. At the time of writing, SHIB was down 0.19% in the last 24 hours to $0.0000224, reflecting the overall lackluster activity in the crypto market.
