Shiba Inu (SHIB) has climbed 7% in the last 24 hours, spearheading the meme coin market revival, CoinGecko reports.

Shiba Inu's Performance in the Crypto Market

Shiba Inu (SHIB), the second-largest meme cryptocurrency, has been at the forefront of the recent revival of the cryptocurrency market, achieving double-digit improvements.

According to the data provided by CoinGecko (via U.Today), during the course of the last twenty-four hours, SHIB has still managed to achieve an astounding seven percent increase. Among the top 20 cryptocurrencies, this makes it the cryptocurrency with the best performance.

SHIB is, in point of fact, the sixth best-performing cryptocurrency among the top 100 cryptocurrencies. Notcoin (NOT), Arbitrum (ARB), Optimism (OP), MANTRA (OM), and Celestia (TIA) are the only cryptocurrencies that are currently ahead of it.

Shiba Inu (SHIB) vs. Other Meme Coins

It goes without saying that SHIB is also performing significantly better than other meme cryptocurrencies. In the previous twenty-four hours, the archrival cryptocurrency Dogecoin has only added 2.3%. There have also been advances of a somewhat minor magnitude for other coins.

Dogwifhat (WIF), on the other hand, has experienced a decline of about 6%, making it one of the most severely underperforming cryptocurrencies among those with a market cap greater than one billion dollars.

Ex-Goldman Analyst Predicts Meme Coin Cycle

In the meantime, Murad Mahmudov, a former analyst at Goldman Sachs, has indicated that the cryptocurrency market is set to go through another meme coin cycle. In a previous statement, he advocated for investors in digital assets to limit their holdings to meme cryptocurrencies.

This prediction was made by Mahmudov in April, and it stated that Pepe (PEPE) would eventually surpass both Shiba Inu (SHIB) and Dogecoin (DOGE) in terms of market valuation. In addition, he predicted in May that WIF will eventually surpass SHIB in terms of importance.

In spite of the fact that it has dropped by more than 81% from its all-time high, SHIB is still valued at $9.6 billion, which places it as the fourteenth largest cryptocurrency in reference to market cap. WIF and PEPE are currently ranked in the far-off 27th and 50th spots, respectively.