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.
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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.