What happened

There's nothing like a good old-fashioned banking crisis to spur interest in the top cryptocurrencies. 

Today, that appears to be what's taking place. Unsurprisingly, one of the most-watched large-cap meme tokens, Shiba Inu, is participating in today's rally. As of noon ET, Shiba Inu has surged 5.1% over the past 24 hours. 

Investors are piling into shares of this dog-inspired token following contagion fears around the banking sector, after First Republic reported massive deposit outflows of more than $100 billion. Many investors appear to be running toward crypto as an asset class that may protect against heightened risk in other traditionally safe assets.

So what

A rising tide lifts all boats, which appears to be the case for Shiba Inu today. This token's surge, which is less than the 24-hour move seen in the broader sector and among more reputable peers, seems to suggest that safe haven-seeking investors outweigh speculators today. 

That said, a catalyst is a catalyst, and those in the Shiba Inu community appear to once again be jumping on this opportunity as a way to ride their bets higher. Normally, Shiba Inu outpaces the moves seen in the broader market, for good or bad. Accordingly, today's move may suggest that institutional capital is flowing much more heavily into cryptos that are viewed as safer long-term bets, a fact that could benefit other, more stable cryptos disproportionately, relative to meme tokens.

Now what

Shiba Inu's status as a meme token has invited a wide range of investor types to this crypto project. Speculators, traders, and those looking for lottery ticket-like gains have flocked to Shiba Inu as a way to make a quick buck. Usually, during times of hysteria, or one-day moves like what we've seen today, this translates into even bigger wins for the various speculators adding positions (many times with leverage) to trade in this sector.

I think Shiba Inu's relatively muted move (5% is still 5%) today could signal that the ground is shifting in the crypto sector. This is typically a space known by conservative investors to be one more akin to a casino, where big gains entice new money to come in, only to see the vast majority of investors lose money. 

Thus, with investors clearly placing their bets on the most stable cryptocurrencies today, perhaps this token is finally being viewed for what it is -- a meme. We'll see.