As an analyst with extensive experience in the cryptocurrency market, I find this development between Shiba Inu (SHIB) and Avalanche (AVAX) quite intriguing. Just a week ago, Avalanche had overtaken SHIB in market capitalization, but the tables have turned once again. Shiba Inu is now the 11th largest cryptocurrency by market cap, while Avalanche has slipped to 12th place.
It’s intriguing to note that the market value of Shiba Inu (SHIB), the cryptocurrency with a canine theme, has surpassed that of Avalanche (AVAX).
In the previous week, according to reports, Avalanche had surpassed Shiba Inu to secure the 11th position in the crypto market rankings due to profit-taking actions taken on Shiba Inu. However, this week, the situation has changed and Shiba Inu now holds the 11th largest market cap among cryptocurrencies, pushing Avalanche down to 12th place.
As a cryptocurrency analyst, I have observed a notable surge in optimistic sentiments towards Shiba Inu. This positive momentum, combined with the overall bullish trends prevailing in the crypto market, has led to an impressive price increase of more than 5% for Shiba Inu within the past 24 hours.
During that timeframe, Ethereum experienced a 5% increase, outpacing the growth of other major cryptocurrencies. Meanwhile, Bitcoin saw a 1% decrease in value.
Last week’s approval of Ethereum ETF filings in the US triggered a shift in focus for some traders towards meme tokens. Notably, a few meme tokens like Shiba Inu have experienced a surge in value recently.
At the present moment, Shiba Inu (SHIB) experienced a 4.32% increase in the previous 24 hours, reaching a price of $0.2556. This surge has enabled Shiba Inu to surpass Avalanche in terms of market capitalization. Specifically, Shiba Inu now boasts a market cap of $15.13 billion, while Avalanche trails behind with a market cap of $14.67 billion, based on the latest information from CoinMarketCap.
With this new announcement, both Shiba Inu and Avalanche are under close scrutiny as investors assess their future actions.
SHIB jumps 5%
As a crypto investor, I’ve observed an impressive 5.27% surge in Shiba Inu’s value today. The price has jumped from a low of $0.0000243 to a high of $0.000026 during this trading session.
As a crypto investor, I’ve noticed that Shiba Inu’s price surge isn’t just an isolated incident. Instead, it mirrors a larger market trend where meme coins tend to gain traction following positive news surrounding more established cryptocurrencies like Ethereum. This phenomenon is not uncommon in the crypto world.
The SEC’s approval of Ethereum ETFs is significant because it indicates increasing recognition of digital assets within traditional financial markets.
The rise in Shiba Inu’s worth mirrors a larger surge in the meme token market, where tokens like Bonk and Pepe have shown greater growth than Bitcoin and Ethereum over the past day.
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2024-05-27 18:17