Is Shiba Inu At Risk Of Losing Its Second-Largest Meme Coin Position To PEPE And MemeCore?
The struggle amongst meme coins for dominance has been rising with increasingly contenders popping up over time. While Dogecoin and Shiba Inu have maintained their positions as the biggest meme cash within the recreation, the potential for dropping these positions continues to be very actual. Just like Shiba Inu was capable of briefly flip the Dogecoin market cap again in 2021, it appears Shiba Inu is now at risk of losing its position to competitors who’ve raised cult-like followings on social media.
PEPE And MemeCore Run Up On Shiba Inu For Meme Coin Dominance
Despite the market crash, the Shiba Inu market cap continues to be above $7 billion, placing it at a comparatively secure distance away from its rivals. However, with meme coin tradition normally triggering speedy rallies for cash like PEPE and MemeCore, this hole could be rapidly crammed.
According to information from CoinGecko, MemeCore, which is at present the third-largest meme coin by market cap, is sitting at a $4.05 billion market cap in comparison with Shiba Inu’s $7.1 billion market cap. What this implies is that it’s going to take lower than a 100% move from MemeCore to truly surpass the Shiba Inu market cap. Historically, that is a simple feat for meme cash, that are identified to rise sharply in a matter of hours or days.
PEPE is available in at fourth place with an in depth $4 billion market cap, virtually matching the market cap of MemeCore. Given this, the identical logic as MemeCore applies on this case, in the truth that it will take lower than a 100% enhance in value for it to surpass the market cap of Shiba Inu.
However, these strikes counsel that the Shiba Inu price does stay muted and barely strikes within the instances when the rivals are rallying, which is never the case. But with the Shiba Inu group working into some issues just lately, the second-largest meme coin by market cap may have a tough time maintaining.
Shibarium Hack Leaves SHIB Investors Stunned
The Shiba Inu ecosystem just lately bumped into issues when its Ethereum Layer 2 community, Shibarium, suffered a major bridge attack. In the wake of the assault, the attackers had been capable of get away with greater than $4 million in property comparable to Ethereum and Shiba Inu BONE by way of a bridge validator assault.
This drain put a pressure on the already struggling community, whose Total Value Locked (TVL) has remained beneath $5 million within the final 4 months. In the wake of the occasion, the Shibarium network saw its TVL crash from $4.58 million to $2.64 million on the time of this report, citing data from DeFiLlama.
So far, efforts to get well the stolen property have failed, as putting a bounty on the loot has not labored. The Shiba Inu group has since stated that they’re working with a cybersecurity agency to put stronger security measures in place, as a postmortem report is predicted. Meanwhile, the bridge stays paused with no particular timeline for restoration, and a plan for asset restoration/compensation is but to be printed.