Shiba Inu is on the verge of losing its longstanding second-biggest meme coin title as Official Trump (TRUMP) moves to flip SHIB again.
Over the weekend, Shiba Inu lost its position as the second-biggest meme coin to TRUMP, a newly launched meme-based token linked to U.S. President-elect Donald Trump.
TRUMP Overthrows SHIB as Second Biggest Meme Coin
The TRUMP meme coin, which launched on Friday, quickly rose to prominence, attracting the crypto community’s attention. Notably, the number of TRUMP buyers surged to nearly 50,000 within hours after its launch, outpacing the 12,500 sellers.
Consequently, TRUMP’s market cap rose to $9 billion within three hours of its launch. With leading crypto exchanges, like Binance and KuCoin, listing TRUMP, its valuation quickly soared above $12.58 billion, surpassing Shiba Inu’s market cap of $12.42 billion.
Accordingly, TRUMP became the second-biggest meme coin, overtaking Shiba Inu and ranking behind Dogecoin. However, Shiba Inu’s lead developer, Shytoshi Kusama, was unfazed by the development. He congratulated Trump but hinted that the achievement was temporary and may not last long.
Wow, indeed. Congrats to the President of the United States for this temporary achievement.
— Shytoshi Kusama™ (@ShytoshiKusama) January 19, 2025
Shiba Inu Flips TRUMP
Indeed, it did not take long before TRUMP relinquished the title to Shiba Inu following its massive crash in price. The market cap of TRUMP plunged nearly 50% from a peak of $14.92 billion to $7.68 billion yesterday. TRUMP’s price also fell to $38 from an all-time high of $75.35.
This sharp decline coincides with the rollout of Official Melania (MELANIA), a meme coin launched by the incoming first lady of the United States, Melania Trump. The drop suggests that many investors swapped their TRUMP tokens for MELANIA in pursuit of quick gains.
Interestingly, it helped Shiba Inu to reclaim its position as the second-biggest meme coin.
TRUMP Poised to Overthrow SHIB Again
At the moment, TRUMP has regained momentum, as it aims to overtake Shiba Inu again. Its market cap has rebounded to $11.57 billion, marking a surge of 50.61% from its intraday low of $7.68 billion. This surge also brought TRUMP closer to Shiba Inu’s $12.73 billion valuation.
The competition between SHIB and TRUMP remains intense, and the coming hours could determine which token will secure the position of the second-biggest meme coin.
In the meantime, the world is anticipating Trump’s inauguration as the 47th U.S. President, slated for today, January 20. Industry stakeholders expect his administration to favor crypto more than Biden’s. This anticipation is owed to Trump’s numerous pro-crypto promises, including the creation of a Strategic Bitcoin Reserve (SBR).
Since Trump’s reelection, the market has reacted positively, as reflected in the massive spike in crypto prices. While Trump’s implementation of pro-crypto policies could drive TRUMP’s price, Kusama believes Shiba Inu’s utility will pay off in the long term.
Shiba Inu Lead Remains Unfazed
He indicated that Shiba Inu offers real utility besides being just a meme coin, suggesting that SHIB’s real-world application will elevate it to greater heights.
“Let’s give it a few more days, then we will show you how it’s done,” he remarked, hinting at an upcoming development.
In a follow-up tweet, he asserted that Shiba Inu will not bow to any meme coin, including TRUMP.
We bow to no meme
— Shytoshi Kusama™ (@ShytoshiKusama) January 18, 2025
At press time, Shiba Inu is trading at $0.00002161, while TRUMP is changing hands at $57.86.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
