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

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

Shiba Inu (SHIB) has climbed 7% in the last 24 hours, spearheading the meme coin market revival, CoinGecko reports.

Shiba Inu (SHIB), the second-largest meme cryptocurrency, is continuing to lead the crypto market rally with double-digit gains.

According to data from CoinGecko (via U.Today), over the past 24 hours, SHIB has managed to gain an impressive 7%. This marks the highest 24-hour performance among the top 20 cryptocurrencies.

SHIB is, in fact, the sixth-best performing cryptocurrency among the top 100 cryptocurrencies. It is only being outperformed by Notcoin (NOT), Arbitrum (ARB), Optimism (OP), MANTRA (OM) and Celestia (TIA).

Shiba Inu (SHIB) vs. Other Meme Coins

Unsurprisingly, SHIB is also massively outperforming other meme cryptocurrencies. Rival cryptocurrency Dogecoin has only managed to gain 2.3% in the past 24 hours. Other coins have also posted minimal gains.

Dogwifhat (WIF), on the other hand, has dropped by around 6%, making it one of the worst performing cryptocurrencies in the top cryptocurrencies by market cap with 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 see another meme coin cycle. He previously urged digital asset investors to focus on meme cryptocurrencies.

Mahmudov's prediction in April 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 become more valuable than SHIB.

Despite being down over 81% from its all-time high, SHIB is still the 14th largest cryptocurrency by market cap at $9.6 billion. Notably, WIF and PEPE are currently ranked much lower at 27th and 50th, respectively.

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