As an experienced analyst, I find it intriguing to witness the dynamic shifts in the cryptocurrency market. In this particular instance, the sudden surge of Shiba Inu (SHIB) and its subsequent overtaking of Cardano (ADA) in terms of market capitalization is noteworthy.
In an unexpected development, the value of Shiba Inu has spiked dramatically despite market instability, resulting in it surpassing Cardano‘s market capitalization for the first time in over a year – causing Cardano to relinquish its spot among the top 10 cryptocurrencies.
Shiba Inu Sees 15% Daily Surge
As a crypto investor, I’ve noticed some significant shifts in the market for Shiba Inu over the past day. The token had been stagnant, barely moving from its daily low of $0.0000245. However, all of a sudden, it surged, reaching a daily peak of $0.0000294 – that’s an impressive 15% increase in just a few hours.
The Shiba Inu market capitalization surpassed $16.5 billion following a recent move, placing it among the top 10 cryptocurrencies by market cap for a short while. Consequently, Cardano, which hasn’t captured investors’ interest in the past few months due to lackluster price performance, momentarily dropped to 11th position – marking the first time this change occurred within the last year.
The Shiba Inu price surge didn’t appear to be fueled by the Shibarium airdrop anticipation mentioned by Shiba Inu marketing head LUCIE. However, the news that K9 Finance (KNINE) would distribute tokens through an airdrop for Shibarium users and KNINE and LEASH token holders revived market optimism toward the meme currency.
One piece of evidence is the substantial 150% increase in trading activity witnessed within the past day. This surge signifies a shift in investor attitude towards SHIB, indicating a resurgence of interest. Currently, SHIB boasts over $2.2 billion in daily trading volume, surpassing that of BNB, Dogecoin, and significantly outpacing XRP.
Cardano Continues To Struggle
Although the cryptocurrency market has shown signs of improvement in the past week, the price of Cardano has persisted in facing challenges. Notably, its daily trading volume has significantly dropped within the last seven days, and more recently, it experienced a further decrease of approximately 14% in just one day.
The price of Cardano has failed to surmount the significant hurdle at $0.5, making it a pivotal point for the altcoin currently. If Cardano manages to break through this barrier, it may regain momentum and potentially reach towards $1 again.
Currently, the cost of Cardano is hovering around $0.46, marking a modest 0.46% increase in the previous 24 hours. The recent deceleration in Shiba Inu’s price surge has allowed Cardano to regain its spot among the top 10 cryptocurrencies by market capitalization. Nevertheless, given that Shiba Inu boasts a market cap of $16.3 billion and Cardano’s stands at $16.5 billion, it may not be long before Shiba Inu surpasses Cardano once more.
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2024-05-29 20:12