Shiba Inu Leads Memecoin Rally Gaining $6 Billion in Market Cap in a Week

The memecoin supercycle is back on, with established memes surging over the last week.

Shiba Inu, the 14th largest cryptocurrency by market capitalization, led the charge with a 42% move over the last seven days to a $20 billion fully diluted valuation (FDV), up from $14 billion.

Other notable movers include PEPE, FLOKI and MOG, which are all up 10% over the last 24 hours, and BONK, which is up 13% in the same amount of time.

CoinGecko

There is no clear catalyst for the SHIB pump but some traders speculate the bid was spurred simply because the new Japanese Prime Minister’s name is Shigeru Ishiba.

The head of crypto hedge fund Split Capital, who goes by Zaheer on X, said, “the spot price of $SHIB is up ~50% in 2 days because the new Japanese prime minister is named ‘ISHIBA.’ Like I said, don't ask your dumbest friends.”

Activity on memecoin launchpad Pump.Fun is picking back up too. Daily active addresses surpassed 50,000 for the first time since Aug 14, and daily volume reached $67 million on Sept. 26, more than double the $30 million it did just a week ago on Sept 20.