Shiba Inu (CRYPTO: SHIB) surpassed Litecoin (CRYPTO: LTC) to become the thirteenth largest cryptocurrency by market capitalization early on Wednesday.
What Happened: At the time of writing, SHIB’s market cap stood at $6.9 billion, while Litecoin’s market cap was at $6.3 billion.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Shiba Inu saw a spike in its price after short bets worth nearly $790,000 were liquidated. It was trading at $0.00001244, up 19% in the last 24 hours, topping CoinMarketCap’s list of top intraday gainers.
See More: Best Crypto Day Trading Strategies
The price rally came in after SHIB's lead developer Shytoshi Kusama, shared updates about the much-awaited layer 2 blockchain Shibarium.
The partnership between SHIB and the Bugatti Group NFT collection proved to be a major factor in SHIB’s rally, as the collection was sold out in just four minutes on Sunday.
Meme coins have been rallying with SHIB and Dogecoin (CRYPTO: DOGE) recording big gains in the last 24 hours.
Price Action: DOGE was trading at $0.086697, up 4.3%, in the last 24 hours, according to Benzinga Pro.
Read Next: Dogecoin, Ethereum Spike As Bitcoin Holds Above $21K: Analyst Warns 'Late Bulls To Flip Bearish' If Apex Crypto Retests This Level