In an intriguing turn of events in the market, the second largest meme cryptocurrency, Shiba Inu (SHIB), has been making significant gains in recent days, experiencing a notable surge within the last 24 hours. This surge has posed a challenge to Cardano’s position as the 11th largest cryptocurrency in the overall market capitalization ranking.
In a short span of time, Shiba Inu (SHIB) swiftly climbed to the tenth position in the market, surpassing Cardano (ADA) on May 29th. The memecoin saw an increase of nearly 15% in the past day, reaching a value of US$0.00002931.
During this ascent, the market value of SHIB reached US$16.74 billion, surpassing Cardano’s US$16.44 billion. SHIB briefly reached US$17 billion before stabilizing at its current level of US$16.2 billion.
However, the price later retraced, causing the memecoin to fall behind Cardano once again. At the time of writing, the Shiba Inu price stands at US$0.00002717, marking a 4.4% increase in the past 24 hours. During this period, the cryptocurrency recorded a trading volume of US$1.83 billion. Over the past seven days, SHIB has appreciated by 6.2%.
It is important to note that on May 28th, following a significant price surge, Shiba Inu (SHIB) managed to surpass Avalanche (AVAX) in the ranking of largest currencies by market capitalization. With this rise, SHIB now occupies the 12th spot among assets.
Despite the recent market crash, SHIB has managed to remain stable and has shown significant growth while many other cryptocurrencies experienced price pullbacks. These recent price increases have propelled Shiba Inu closer to the top 10 largest cryptocurrencies by market capitalization, competing closely with AVAX and ADA.
Currently, Shiba Inu has a market capitalization of US$16.28 billion, with Avalanche closely trailing behind in a tight competition with a market value of US$14.57 billion.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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