Highlights:
- A Grayscale report has ranked Shiba Inu as a top performer for the week.
- SHIB outperformed top cryptocurrencies like Bitcoin, Ethereum, and Solana to clinch the number one spot in the list.
- The battle of the king of the meme ecosystem could take a new turn if SHIB sustains its present momentum.
In a tweet making rounds, Lucie, Shiba Inu’s team marketing lead, was full of SHIB’s praises for topping the chart in a metric that involved other top cryptocurrencies. For context, Grayscale published a report titled “Our weekly snapshot of the top 10 crypto assets by one week returns.” In the asset manager’s list, SHIB ranked highest, outpacing top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), etc.
Details of Grayscale’s Published Report
Going by Grayscale’s released document, one could assert that the just concluded week was for altcoins and meme coins rally. Interestingly, BTC, Binance Coin (BNB), Toncoin (TON), TRON (TRX), and XRP failed to make the top five as Cardano (ADA), Dogecoin (DOGE), SOL, and ETH joined SHIB to complete the top five.
$SHIB
NOT EVEN THE BEGINNING 🚀📸 Grayscale Crypto Snapshot – Assets weekly snapshot of the top 10 #crypto assets by 1-week returns.
#1: $SHIB leading the pack! 🔥 https://t.co/q4YWQhjbdt
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 28, 2024
Per the published report, SHIB recorded a 32.1% upswing in the just concluded week. The spike saw its market capitalization increase to about $12.4 billion. Despite its commendable feat, Shiba Inu’s year-to-date price change was relatively below expectation, implying that the current trend could be a stepping stone for better achievements.
While Shiba Inu saw a 32.1% upswing, ADA, which occupied the second spot, barely appreciated up to half of SHIB’s weekly surge. Notedly, it registered only a 14.5% upswing that spiked its market cap to roughly $14.5 billion. Unlike SHIB, ADA has yet to reclaim its previous year’s level, evidenced by its negative year-to-date price change value.
Dogecoin was another exciting addition to Grayscale’s list. Notably, its presence highlighted earlier assertion, which stated that the just concluded week favored altcoins and meme tokens. DOGE appreciated 12.4% in its weekly price change variable, bringing its market capitalization to about $18.4 billion. In the past year, Dogecoin has succeeded in spiking by only 32.3%, underscoring an unimpressive outing.
Meanwhile, aside from SHIB, ADA, and DOGE, the remaining seven cryptocurrencies saw increments of less than 10%. For context, SOL, ETH, BNB, and BTC surged by approximately 9%, 6.7%, 5.5%, and 3.4%. Others include TON with 1.8%, TRX with 1.2%, and XRP with 0.4%.
King of Meme Ecosystem Battle Intensifies with Grayscale’s Published Findings
While it is undisputed that the Elon Musk-inspired token, Dogecoin, has remained the king of the Meme ecosystem, other meme coins like SHIB and PEPE are gearing up to challenge for the position. After its massive rally in the 2021 bull season, SHIB has consistently attempted to displace DOGE. However, it never happened as SHIB remained below DOGE as the second most valuable meme coin.
According to @ForbesCrypto, $DOG (Rune) is the best performing 🐶 meme coin in the past 24 hrs & 7 Days 🏆 pic.twitter.com/4WeD8ZSkkG
— Vincent (Cryptolution) 👑 (@cryptolution101) September 26, 2024
However, considering SHIB’s latest exploit, one could assert that consistency in such performance can skyrocket SHIB ahead of DOGE. At the time of press, SHIB has a market valuation of about $0.00001962, reflecting a slight 0.5% drop in the past 24 hours. Aside from its 24-hour and weekly price change variables, other specific period data reflected only increments. For context, SHIB’s 14-day-to-date and month-to-date variables registered increments of about 43.3% and 37.8%, respectively.
On its part, DOGE is changing hands at approximately $0.1235, mirroring a subtle 0.1% upswing. DOGE’s other specific periods’ price change data were less pronounced. For context, in the past 14 days, DOGE saw a 17% upswing, while its past month’s price change variable reflected a 22.1% spike.
