Shiba Inu (Shib) Flips HEdera (HBAR) in Global Crypto Market Cap Rankings

Since last weekend, a few major shifts happened in the global crypto ranks by global market cap.

Popular dog-themed meme coin Shiba Inu (SHIB) stunned the crypto sphere by flipping the global market cap ranking of Hedera (HBAR), a high-profile altcoin running on Distributed Ledger Technology (DLT).

Popular dog-themed meme coin Shiba Inu (SHIB) stunned the crypto sphere by flipping the global market cap ranking of Hedera (HBAR), a high-profile altcoin running on Distributed Ledger Technology (DLT).

Shiba Inu Coin Flips Hedera In Global Crypto Ranks

Shiba inu coin flips hedera in global crypto ranks

One of the reasons behind the 5% bounce back rally on Monday was a new suggestion from Ethereum’s (ETH) Vitalik Buterin on the parent chain’s technical improvements.

One of the reasons behind the 5% bounce back rally on Monday was a new suggestion from Ethereum’s (ETH) Vitalik Buterin on the parent chain’s technical improvements.

While SHIB’s rebound remained soft, the dog-embossed crypto still outshined Ethereum (ETH), which dipped 1.2% in 7 days as most major-caps rebounded.

This pushed Shiba Inu (SHIB) to reclaim the #19 spot, edging Hedera Hashgraph (HBAR) by less than $50 million at the time of this publication. On the other hand, HBAR Network sports a larger trading volume on Spot markets, outpacing SHIB $164M to $145M in a 24-hour period, according to CoinGecko.

Why Vitalik’s Ethereum Suggestion Is Key For SHIB

Last weekend, Buterin offered his take on the upcoming tech upgrades on the Layer-1. Suggesting to switch Ethereum Virtual Machine (EVM) to RISC-V as the default foundation for smart contracts on-chain, he expects to tackle long-term scalability issues and speed up Ethereum’s execution layer by nearly 100 times.

For Shiba Inu (SHIB), this implementation on the parent chain would allow a break-through adoption case. Because it’s an ERC-20 token, the new standard supports paying gas fees in Shiba Inu coin (SHIB), similarly to how Bone ShibaSwap (BONE) works on Shibarium Layer-2.

This would offer a unique opportunity for crypto enthusiasts to contribute to the Ethereum network in a meaningful way by selecting their preferred gas fee token among a variety of options, fostering a sense of community ownership and engagement in maintaining the blockchain's smooth operation.

This would offer a unique opportunity for crypto enthusiasts to contribute to the Ethereum network in a meaningful way by selecting their preferred gas fee token among a variety of options, fostering a sense of community ownership and engagement in maintaining the blockchain's smooth operation.

Buterin also pointed out that switching to RISC-V architecture would enable the creation of a more optimized and efficient smart contract execution environment, paving the way for faster transaction speeds and reduced gas costs, ultimately enhancing the overall user experience within the Ethereum ecosystem.

However, Pectra upgrade is slated for May 7, 2025, but it might be delayed due to the need of a deeper restructuring. Obviously, Ethereum (ETH) has severely under-performed this year against its main big-cap altcoin competitors, as the largest PoS asset saw a 50% 365-day backtrack amid Ripple’s (XRP) 295% yearly gains.