Shiba Inu Edges Out Litecoin As 13th Biggest Crypto With 19% Surge

Shiba Inu SHIB/USD surpassed Litecoin LTC/USD 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.

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 DOGE/USD 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

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyM&ATop StoriesMarketsMoversTrading IdeasdogecoinLitecoinShiba InuShytoshi Kusama
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!