Shiba Inu token, the "Dogecoin killer" has outperformed many major cryptocurrencies and shaken the market with its recent rally.
The crypto has surged by over 350% within a week, sending it amongst the largest 15 cryptocurrencies by market capitalization. In the past week, the memecoin became the most traded currency on Coinbase, Binance, and Huobi.
As a result, SHIB token has outperformed and outranked some major digital assets, including Chainlink, Avalanche, Litecoin, and UniSwap.
The Shiba Inu token has hit an all-time high of $0.000035 since mid-April, making it the second-highest record after an all-time-high value of $0.000038 on May 10, 2021.
This bullish momentum enabled Shiba to add more to its market cap, which increased to over half of Dogecoin’s market cap. At the moment, Dogecoin (DOGE) ranks 10th on CoinMarketCap, with a market cap of around $32 billion, while SHIB ranks 12th at press time.
Last week, an anonymous whale trader bought over 6.3 Trillion SHIB tokens just before the Shiba's ultimate rally. Currently, the coin has a market cap of around $13.23 billion. This comes after the memecoin increased by 17% in the last 24-hour.