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In a rare show of market momentum, Shiba Inu has clinched the second spot in VanEck’s MarketVector’s Meme Coin Index. This achievement is a giant milestone for Shiba Inu, which continues to draw the eye of the cryptocurrency neighborhood.
MarketVecto, a VanEck subsidiary, has joined the meme coin bandwagon, launching a brand new index targeted on the massively in style token class. The meme coin index, which trades below the ticker MEMECOIN, tracks the highest six meme tokens.
Shiba Inu is the second-largest holding in the index, with a weight of 28.34%. Different names embody Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI) and BONK.
The Meme Coin Index has returned 137.96% in good points this yr, demonstrating the spectacular progress of meme currencies, with Shiba Inu standing out. This index is now the highest performer on MarketVector.
Shiba Inu market efficiency
Shiba Inu noticed a powerful surge earlier in the yr, rising about 300% to highs of $0.000045 on March 5. Shiba Inu briefly entered the highest 10 cryptocurrencies by market capitalization earlier than slipping to eleventh place with a present market capitalization of $13.18 billion.
Following its meteoric rise, Shiba Inu encountered profit-taking, giving up a few of its good points, however it’s nonetheless up 155% on a one-year foundation, in line with CoinGecko information.
The 155% improve in SHIB’s worth may be attributed to a number of elements. Technical analysts discuss with SHIB’s continued sturdy assist ranges, which have been factors of resistance in early 2023. This tenacity in sustaining crucial assist ranges indicators sturdy market sentiment and room for extra progress.
Whereas Bitcoin has additionally seen a considerable improve, up 120% yearly, SHIB’s 155% good points are significantly notable. On the time of writing, SHIB was down 0.19% in the final 24 hours to $0.0000224, reflecting the general lackluster exercise on the crypto market.