According to data given by Binance-owned data ranking site CoinMarketCap, Shiba Inu (SHIB) is currently surpassing practically all top 100 cryptocurrencies after abruptly soaring 8%. Shiba Inu is presently on the verge of passing Avalanche (AVAX) and reclaiming the 12th position. The price difference between the two cryptocurrencies is presently less than a billion dollars.
Bitcoin (BTC) has also reclaimed the $50,000 mark. The largest cryptocurrency has gained 2% in the last 24 hours. According to U.Today, Bitcoin temporarily returned to $50,000 on Friday in response to U.S. inflation data, but bulls were unable to hold the gains.
Within the top 10, Cardano (ADA) and Polkadot (DOT) are the highest performers. Both have gained approximately 5%.
After gaining ground against Bitcoin earlier this week, Ethereum (ETH) has remained flat. The popular meme coin, Dogecoin, is up 0.44 percent as well, struggling to get traction. The cryptocurrency is currently down 76.64 percent from its peak in May. Shiba Inu must recover 56.75 percent to reclaim its prior peak. Despite the price drop, the Japanese dog-based token remains in the headlines. Flexa and BitPay, two big cryptocurrency payment companies, both announced Shiba Inu compatibility earlier this week. SHIB is also being listed on new exchanges, with Bitstamp announcing earlier this week that it will allow its users to trade the meme coin.