Logo
Cardano Ecosystem

Bitcoinist

05/29/2024

·

69 views


Shiba Inu Stages Remarkable Rally, Pushes Cardano Out Of Crypto Top 10 | Bitcoinist.com

In a remarkable turn of events that has seen the Shiba Inu price surge while the market is struggling, it overtook Cardano in terms of market cap. This means that Cardano lost its position in the top 10...

Shiba Inu Stages Remarkable Rally, Pushes Cardano Out Of Crypto Top 10 | Bitcoinist.com

In a remarkable turn of events that has seen the Shiba Inu price surge while the market is struggling, it overtook Cardano in terms of market cap. This means that Cardano lost its position in the top 10 cryptocurrencies for the first time in more than a year.

Shiba Inu Sees 15% Daily Surge

In the last day, the tides have been turning for Shiba Inu, going from barely moving to jumping double-digits in one day. The price moved from its daily low of $0.0000245 and rose to a daily peak of $0.0000294, which is a more than 15% move in a couple of hours.

This move sent the Shiba Inu market cap above $16.5 billion, and for a brief period of time., making it the 10th-largest cryptocurrency in the market. The coin that would suffer for this is Cardano, whose price has failed to impress investors in the last few months. Cardano briefly fell to 11th position, making the first time in more than one year that this has happened.

The Shiba Inu rally did not seem to be driven by the expectations of a Shibarium airdrop, shared by Shiba Inu marketing lead LUCIE. The announcement that K9 Finance (KNINE) will be carrying out an airdrop for Shibarium users, as well as KNINE and LEASH holders triggered a recovery in the market sentiment towards the meme coin.

One evidence of this is the almost 150% jump in trading volume that occurred in the last day. This marked a change in investors’ sentiment toward the meme coin and shows that they are beginning to come back into SHIB. Presently, the meme coin has done over $2.2 billion in daily trading volume, putting it ahead of the likes BNB, Dogecoin, and way ahead of XRP.

Cardano Continues To Struggle

Despite the crypto market seeing some recovery over the last week, the Cardano price has continued to struggle. For one, its daily trading volume has plummeted over the last week, and in the last day alone, it has seen another 14% decline.

The Cardano price has also been unable to successfully clear the resistance at $0.5, making this the most important level for the altcoin right now. If Cardano is able to successfully climb above this resistance, then it could rally toward $1 once more.

Presently, the Cardano price is trending at $0.46, with a small 0.46% gain in the last day. With the slowdown in the Shiba Inu price, the altcoin has been able to reclaim the 10th position in the crypto top 10 once again. However, with Shiba Inu’s market cap at $16.3 billion and Cardano at $16.5 billion, it could only be a matter of time before the meme coin overtakes it again.

Shiba Inu price chart from Tradingview.com
SHIB price begins recovery | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

Scott Matherson

Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Bitcoinist

ORIGINAL SOURCE

https://bitcoinist.com/shiba-inu-cardano...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Rare Evo: A Blockchain Event

More from Bitcoinist

See more
Cardano 9.0: On-Chain Governance Set for Activation
Bitcoinist
Cardano 9.0: On-Chain Governance Set for Activation

last Wednesday at 5:00 AM

·

13 views

Related News

See more

Argentina Digital Nation 2024
Rare Evo: A Blockchain Event
Argentina Digital Nation 2024

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)