Benzinga - Shiba Inu (CRYPTO: SHIB) on Monday experienced an astronomical rise, surpassing the market capitalizations of several technology companies such as Zoom, Snap, eBay, and MicroStrategy.
What Happened: With a 90% surge within a 24-hour period, SHIB’s market cap hit $26.71 billion on March 5, inching near rival Dogecoin (CRYPTO: DOGE), which boasts a market capitalization of $29.21 billion.
With this surge, SHIB now outperforms the value of tech companies like eBay, which has a market cap of $25.1 billion, and MicroStrategy, known for holding a substantial amount of Bitcoin, whose market cap stands at $20.01 billion, according to data from Yahoo Finance.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: The collective market cap of the top 100 cryptocurrencies, dominated by these meme coins, has reached $63 billion.
QCP Capital, a crypto asset trading firm, in a market report said, “altcoins, especially memecoins, are rallying hard as retail FOMO really kicks in now."
It said that the surge in meme coins’ value is largely driven by a “speculative buying frenzy,” especially from the Asian trading session.
Further analysis by QCP Capital suggested that the rise can partly be attributed to an increase in retail investors driven by FOMO and a rise in leveraged buying. “Leveraged buyers will likely not relent until we break all-time highs, which could be any time now.”
Data from CoinGlass reveals that the notional interest in SHIB’s perpetual futures—contracts which allow leverage of up to 25 times—topped $100 million for the first time since August 2023. These futures are sized at 1,000 SHIB per contract.
Price Action: At the time of writing, SHIB was trading at $0.00003896, up 90.03% in the last 24 hours, according to Benzinga Pro.
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