Shiba Inu (SHIB) is riding high on its bullish momentum as meme coins across the board see an increase in market performance. The dog-themed meme coin currently holds the leading position in recent gains, with PEPE trailing behind.In a recent post on SHIB’s official X handle, Shiba Inu humorously dismissed potential challengers, asserting its dominance and suggesting that competitors can vie for second place. SHIB stated:New challengers emerge, but the #SHIBARMY remains unfazed at the top 1. While the runner-up spot is open (even to amphibians!) the top dog position is ours. #ShibaArmyStrong.
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New challengers emerge, but the #SHIBARMY remains unfazed at the top 1️⃣ While the runner-up spot is open (even to amphibians!) the top dog position is ours. #ShibaArmyStrong https://t.co/5OSfYbfz1H pic.twitter.com/mQYVJA95oDIndustry stakeholders consider the mention of “amphibians” a lighthearted jab at PEPE, indicating SHIB’s confidence in holding its top position amid growing competition.Interestingly, the post was a reply to an earlier one by Poloniex Exchange, asking users whether their preferred meme coin is PEPE or SHIB.Notably, Shiba Inu’s market performance has captivated the broader crypto market after a 12.7% spike that saw it dethrone Cardano from the elite top 10. This sparked optimism in the SHIB ecosystem that Shiba Inu appears ready to clear one zero from its price with its growth rate.According to CoinMarketCap data, Shiba Inu is currently priced at $0.00002708, up 5.56% in the past 24 hours. The price rally saw the comeback of enigmatic SHIB lead developer Shytoshi Kusama return to social media with a cryptic bullish post on X after his silence for about a week.
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Meanwhile, PEPE witnessed a massive surge in its valuation, setting it up for a potential sell-off by market whales. However, despite soaring by 2.15% to $0.00001654, backed by a more than 75% surge in the trailing seven-day period, it was not enough to earn it first place, held by Dogecoin, and second place, held by SHIB.Regardless, members of the frog-themed meme coin community are optimistic about further growth and are determined to make the best of a bullish market.