Shiba Inu (SHIB), a popular meme coin among enthusiasts, has surged into the top 10 crypto assets globally, overtaking Cardano (ADA). Describing itself as a "Dogecoin-killer," SHIB now holds the tenth spot, pushing ADA down to eleventh place.

In the past 24 hours, SHIB's price skyrocketed by nearly 15%, reaching $0.00002931 with a market capitalization of $16.74 billion, surpassing ADA's market cap of $16.44 billion. Although SHIB briefly reached $17 billion early Wednesday morning, it stabilized at its current level of $16.9 billion. Moreover, the meme coin has displaced ADA on the platform.

Despite this achievement, SHIB still trails behind Dogecoin (DOGE), the leading meme coin in the industry, which currently ranks as the eighth largest crypto with a market cap of $24.16 billion.

The recent surge in SHIB's value reflects a broader positive sentiment toward the meme coin sector. Other meme coins like Floki, Dogwifhat, and Pepe have also experienced significant gains, with increases of 35%, 32%, and 27%, respectively, over the past 24 hours.

During this rally, the Shiba Inu ecosystem has seen notable growth, with trading volume reaching nearly $1.9 billion. Surpassing other meme coins, including DOGE and PEPE, which recorded $1.2 billion and $1.3 billion in trading volume, respectively.

Several factors may have contributed to SHIB's rally, including strategic partnerships, renewed investor interest, and recent technological upgrades within the Shiba Inu ecosystem. Notably, the project enhanced its burning mechanism, increasing the burning rate by 600% and permanently removing around 10 million tokens from circulation last week. Additionally, the Shiba Inu team announced plans to upgrade the token's blockchain, Shibarium, to improve security and enhance user experience, which concluded earlier this month.