Shiba Inu Enters Top 10 by Surpassing TRX, TON Following Weekend Surge

Over the weekend, Shiba Inu (SHIB) pushed its way up the list of the largest cryptocurrencies by market capitalization, leapfrogging both Tron (TRX) and Toncoin (TON).

The climb followed a positive performance over the past week, during which the dog-themed meme coin’s price surged by more than 70% at one point.

SHIB Price Up 12%

On November 10, data from various crypto price tracking websites, including CoinGecko and CoinMarketCap, showed that SHIB was among the top 3 best performers in the market. That day, it gained 25%, briefly going past $0.000027. It resulted in a multi-month peak that drove the coin’s market value to more than $14 billion.

At the time of this writing, SHIB was priced at $0.00002516, a 12.5% improvement in the last 24 hours and a 48.7% jump across seven days. It hugely outperformed the global crypto market, which had gone up by more than 21% over the previous seven days.

The latest gains have lifted the second-most valuable meme token above the $0.0002169 level, where it had been held since June. Analysts suggest it might break even higher if it sustains the current momentum.

While still more than 70% below its all-time high (ATH) achieved on October 28, 2021, SHIB is a remarkable 44021689.3% higher than its lowest-ever price, recorded four years ago in November 2020.

Further, its current $14.77 billion market cap puts it nearly $600 million higher than Tron and about $1.4 billion higher than Toncoin. While TRX is up a modest 0.7%, TON has dipped 2.7% in the last day.

Uptick in Broader Crypto Market

As CryptoPotato reported, the meme coin’s run coincided with Donald Trump’s resounding victory in the just-concluded U.S. presidential vote. During his campaigns, the President-elect styled himself as a pro-crypto candidate, and his win is viewed by many as a new dawn for the industry.

His win caused a surge in prices across the broader crypto market, with Bitcoin (BTC) severally breaking its all-time high price in quick succession.

There has also been a meme coin resurgence, with Dogecoin (DOGE) leading the charge. Valued at more than $41 billion, DOGE is now the sixth largest cryptocurrency by market capitalization after supplanting the USD Coin (USDC).

For its part, SHIB is currently ranked #10 (on CMC), following a late rally by Cardano (ADA), whose $20.5 billion valuation places it at #9. Its pseudonymous lead developer, Shytoshi Kusama, chalked down SHIB’s skyrocketing prices to the “power of technologies and innovative thinking,” which they said had led the project through the bear market.