Meme cryptocurrency Dogecoin’s (CRYPTO: DOGE) rival Shiba Inu (CRYPTO: SHIB) has overtaken Reddit-favorite Clover Health Investments Corp. (NASDAQ:CLOV) in terms of market capitalization, while eyeing the market capitalization of e-commerce company ContextLogic Inc. (NASDAQ:WISH), another stock favored by retail investors, in sight.
What Happened: Shiba Inu’s market capitalization stands at $3.56 billion as at press time as per CoinMarketCap data, compared to Medicare Advantage insurer Clover Health’s market cap of $3.48 billion. Wish platform operator ContextLogic has a market capitalization of $3.96 billion.
See Also: How To Buy Shiba Inu (SHIB)
Shiba Inu, which calls itself the “Dogecoin killer,” is up 34.2% during the past 24 hours. Over a seven-day period, the altcoin has risen 27.2%.
However, the cryptocurrency is down 76.1% from its all-time high of $0.0000388 reached in May.
Shiba Inu is an Ethereum (CRYPTO: ETH)-based Dogecoin alternative that supports projects such as a non-fungible token art incubator and a decentralized exchange known as Shibaswap.
Why It Matters: Shiba Inu’s strong gains come after it was reported that cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) listed the token on its trading platform on Thursday. Supporters of the coin view the listing on Coinbase as a significant development.
Shiba Inu is currently trending in the fourth spot among the most-discussed cryptocurrencies on Twitter, as per Cointrendz data.
Price Action: Shiba Inu is up 34.2% during the past 24 hours, trading at $0.000009035 at press time.
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