The meme coin hierarchy is in flux as MemeCore (M) overtakes Shiba Inu (SHIB) for the second-largest position by market capitalization. On May 5, M’s price jumped 25%, boosting its valuation to around $4.3 billion, while SHIB’s fell to roughly $3.7 billion. The shift comes despite red flags surrounding M’s concentration of ownership and a rally potentially linked to a community contest. Meanwhile, SHIB faces weakening network activity and increased selling pressure as tokens flow onto exchanges.
Dogecoin (DOGE) remains the leader in the meme coin sector, but the contest for second place has intensified. The self-proclaimed Dogecoin killer, Shiba Inu (SHIB), has faced serious pressure from the fast-rising MemeCore (M).
The latter posted a double-digit price increase over the past 24 hours and once again reclaimed the No. 2 spot. This prompts questions about whether SHIB can restore its former glory.
Shiba Inu may be up 3% on a weekly basis, but the broader picture is bleak. The token has lost half its value over the past year.
The second position now belongs to MemeCore (M), which is one of the top-performing cryptocurrencies today. Its capitalization has surged to roughly $4.3 billion.
It remains unclear exactly what triggered M’s rally, as one potential catalyst could be the recent initiative unveiled on its X account. The team launched the “No Cap(tion)” community contest, offering USDT rewards to participants.
It is worth noting that there are some red flags surrounding M, suggesting its price could reverse just as sharply. Numerous analysts, including X user Noodles, have labeled the project as a scam and a “ghost chain,” claiming that fewer than 10 wallets control the entire network.
Meanwhile, M’s Relative Strength Index (RSI) has entered overbought territory at around 75. This is typically a precursor of a pullback.
M could dip in the short term, but SHIB isn’t immune either. As a meme coin, it is just as vulnerable to hype cycles.
Shibarium’s activity is an evident example. Daily transactions processed on the layer.2 scaling solution remain quite low compared to figures observed before last year’s exploit.
The rising amount of SHIB tokens stored on exchanges is another bearish factor. The development indicates that investors have shifted from self.custody methods toward centralized platforms.
