As a seasoned crypto investor with a keen eye for market trends, I’ve witnessed the ups and downs of the digital currency ecosystem firsthand. Today’s news of Mt. Gox moving funds to start repaying its customers put selling pressure on Bitcoin (BTC), causing most altcoins, including Shiba Inu (SHIB) and Avalanche (AVAX), to slip.
Today’s announcement in the digital currency sector saw Mt. Gox transferring funds with the intention of refunding its clients. This development led to increased selling activity, causing Bitcoin (BTC) and many altcoins to follow suit. Amid this downturn, Shiba Inu (SHIB) managed to surge ahead, surpassing Avalanche (AVAX) in market capitalization to claim the 11th spot.
Regardless of the market’s overall condition, coins are continuously being compared and contrasted within it. This competition doesn’t directly influence the community, but it can momentarily stir up excitement among investors.
As a crypto investor, I’m observing that Shiba Inu has experienced a decrease of 0.62% in its price, which now stands at $0.00002471. Consequently, its market capitalization amounts to around $14.59 billion. On the contrary, Avalanche has also dipped by 0.67% over the last 24 hours, and its current price is $36.92 with a corresponding market cap of $14.51 billion.
Over the last seven days, Shiba Inu’s daily losses have been comparable to those of Avalanche. However, the cumulative loss for Shiba Inu is less severe at a decrease of 2.51%. Conversely, Avalanche has experienced more significant setbacks, losing over 8.5% during this period, potentially leading to a decline in its market value.
Will SHIB take on Cardano next?
As a crypto investor, I’m keeping a close eye on Shiba Inu (SHIB), one of the most promising digital currencies in the market. With its determination and potential, SHIB could soon dethrone Cardano (ADA) from the top 10 list. While SHIB boasts a market cap of $14.59 billion, ADA currently holds a market value of $16.3 billion, with each token priced at approximately $0.4571.
Cardano has faced some challenges recently with Toncoin (TON) entering the top 10 most valuable cryptocurrencies. Market conditions can impact assets differently, and if Cardano were to experience an unexpected decline, Shiba Inu could potentially surpass it.
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2024-05-28 13:49