Shiba Inu (SHIB) Now Ranks 16th Among the Largest Cryptocurrencies by Market Cap

With a market cap of $8.45 billion, Shiba Inu (SHIB) now ranks 16 among the largest cryptocurrencies by CoinMarketCap, surpassing Bitcoin Cash (BCH)

Shiba Inu (SHIB) has quietly risen among the top 16 cryptocurrencies by market cap, surpassing Bitcoin Cash (BCH) in the rankings.

According to CoinMarketCap, Shiba Inu's market cap now stands at $8.45 billion, compared to Bitcoin Cash's market value of $8.24 billion. The difference in their market caps is relatively small, but it nonetheless marks another instance where a meme coin has outperformed a more traditional cryptocurrency.

Despite its price remaining at just above $0.000014, there is a large and active SHIB holder base of over 1.5 million, and the total circulating supply is approaching 589 trillion tokens. Its daily trading volume is around $178 million.

In contrast, Bitcoin Cash, with just under 20 million coins in circulation, trades at over $415 and sees higher daily trading activity at about $243 million.

However, despite the higher price and trading volume, Bitcoin Cash couldn't keep up with the attention generated by Shiba Inu.

As such, SHIB outperformed and its rise echoes a bigger trend as the market currently favors more reactive, attention-grabbing assets, with meme coins right at the center.

While Bitcoin Cash provides exposure to Bitcoin's original vision and plays a role in the payment space, its pace hasn't been enough to match the current attention surrounding tokens like SHIB.

It remains to be seen if this latest flip will have any impact on the long-term outlooks of either coin. However, it does highlight where the market's focus is. Especially during periods of low conviction or sideways movement, coins that move quickly and engage large communities are likely to be in the spotlight. And Shiba Inu keeps benefiting from that trend.