Shiba Inu (SHIB), the popular meme cryptocurrency, has seen a significant surge in price, leading the recent recovery in the crypto market. While it has pared some of its gains, SHIB is still up by an impressive 7% in the past 24 hours, making it the top-performing cryptocurrency among the top 20. Additionally, SHIB is also the sixth best-performing cryptocurrency in the top 100, surpassing rivals like Dogecoin.
Interestingly, former Goldman Sachs analyst, Murad Mahmudov, has predicted that the crypto market will witness another meme coin cycle. Mahmudov previously recommended investors to focus solely on meme cryptocurrencies for potential gains. In his predictions, he anticipated Pepe and WIF to surpass both SHIB and Dogecoin in terms of market capitalization. Despite an 81% decrease from its all-time high, SHIB maintains a market cap of $9.6 billion, placing it as the 14th largest cryptocurrency. Pepe and WIF, on the other hand, lag behind in 27th and 50th positions, respectively.