Shiba Inu (SHIB) has achieved significant progress, moving up nine positions in the market capitalization rankings to secure the ninth spot. Currently valued at $16.4 billion, SHIB's market value increased by 9.2% last week, surpassing Cardano and just trailing Dogecoin, which is in eighth place.

Profits and Performance for SHIB Holders

After a recent price increase, 67.07% of SHIB addresses are now profitable, the highest level since March. This indicates a notable recovery and growing positive sentiment among holders.

Shibarium Activity and Market Trends

Despite Shiba Inu's substantial gains, activity on its Shibarium platform has slowed. On May 30, Shibarium recorded nearly 13,000 transactions, struggling to surpass 10,000 for over a week. This raises questions about its sustainability, as several meme coins, including SHIB and Dogecoin, have recently experienced losses exceeding 3%.

Meme Coin Market Declines

Other meme coins, such as Pepe (PEPE) and Floki (FLOKI), have faced larger declines of 9% and 11%, respectively. Solana-based Bonk has been the hardest hit among meme coins. These declines follow allegations of scams involving several celebrity-endorsed meme coins and an investor alert from the U.S. Securities and Exchange Commission (SEC) warning about pump-and-dump schemes in this market segment.

Conclusion

Shiba Inu's impressive rise in market capitalization and profitability demonstrates its resilience in the crypto space despite recent market fluctuations. Investors and enthusiasts will be closely monitoring SHIB as it continues to reshape the meme coin landscape.