Dogecoin Rival Shiba Inu Overtakes WallStreetBets-Favorite Clover Health In Market Cap, Eyes Wish Stock Next

Meme cryptocurrency Dogecoin’s DOGE/USD rival Shiba Inu SHIB/USD has overtaken Reddit-favorite Clover Health Investments Corp. CLOV in terms of market capitalization, while eyeing the market capitalization of e-commerce company ContextLogic Inc. WISH, another stock favored by retail investors, in sight.

What Happened: Shiba Inu’s market capitalization stands at $3.56 billion as at press time as per CoinMarketCap data, compared to Medicare Advantage insurer Clover Health’s market cap of $3.48 billion. Wish platform operator ContextLogic has a market capitalization of $3.96 billion.

See Also: How To Buy Shiba Inu (SHIB)

Shiba Inu, which calls itself the “Dogecoin killer,” is up 34.2% during the past 24 hours. Over a seven-day period, the altcoin has risen 27.2%.

However, the cryptocurrency is down 76.1% from its all-time high of $0.0000388 reached in May.

Shiba Inu is an Ethereum ETH/USD-based Dogecoin alternative that supports projects such as a non-fungible token art incubator and a decentralized exchange known as Shibaswap.

Why It Matters: Shiba Inu’s strong gains come after it was reported that cryptocurrency exchange Coinbase Global Inc. COIN listed the token on its trading platform on Thursday. Supporters of the coin view the listing on Coinbase as a significant development.

Shiba Inu is currently trending in the fourth spot among the most-discussed cryptocurrencies on Twitter, as per Cointrendz data.

Price Action: Shiba Inu is up 34.2% during the past 24 hours, trading at $0.000009035 at press time.

Read Next: Bitcoin, Ethereum, Dogecoin Turn A Shade Of Red While Minor Cryptos Strike Major Gains As 'It's Definitely Altcoin Season'