Shiba Inu (SHIB) Spearheads Meme Coin Market Revival, Climbs 7% in 24 Hours: CoinGecko

Shiba Inu (SHIB), the second-largest meme cryptocurrency, has been at the forefront of the recent revival of the cryptocurrency market, achieving double-digit improvements.

Shiba Inu (SHIB), the second-largest meme cryptocurrency, has spearheaded the meme coin market revival, notching double-digit gains.

Shiba Inu (SHIB) is leading the meme coin pack in the crypto market revival.

According to CoinGecko data (via U.Today), SHIB has still managed to post a seven percent gain in the last 24 hours. This makes it the best-performing cryptocurrency among the top 20.

SHIB is, in fact, the sixth-best performing cryptocurrency among the top 100. Only Notcoin (NOT), Arbitrum (ARB), Optimism (OP), MANTRA (OM), and Celestia (CELT) are currently ahead of it.

Shiba Inu (SHIB) vs. Other Meme Coins

Unsurprisingly, SHIB is also significantly outperforming other meme cryptocurrencies. Arch-rival cryptocurrency Dogecoin has only gained 2.3% in the last 24 hours. Other coins have also posted minor gains.

Dogelon Mars (ELON), shiba inu rival meme cryptocurrency, has seen no gains in the last 24 hours. Floki Inu (FLOKI) and Baby Doge Coin (BabyDoge) have both gained around 3%.

However, Dogwifhat (WIF) has slipped by about 6%, making it one of the worst-performing cryptocurrencies with a market cap of over $1 billion.

Ex-Goldman Analyst Predicts Meme Coin Cycle

Meanwhile, former Goldman Sachs analyst Murad Mahmudov has suggested that the crypto market is set to experience another meme coin cycle. He previously advised digital asset investors to go "all in" on meme cryptocurrencies.

This prediction was made by Mahmudov in April, and he stated that Pepe (PEPE) will eventually surpass both Shiba Inu (SHIB) and Dogecoin (DOGE) in market valuation. He also predicted in May that WIF will eventually surpass SHIB.

Despite falling over 81% from its all-time high, SHIB is still valued at $9.6 billion, making it the 14th largest cryptocurrency by market cap. WIF and PEPE are currently a long way behind in 27th and 50th place, respectively.

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