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Coinfomania

05/29/2024

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Shiba Inu (SHIB) Surpasses Cardano, Enters Top 10 Cryptocurrency List With 15% Surge

Shiba Inu (SHIB) one of the most popular memecoin in the market has made rounds today after jumping Cardano (ADA) to enter the list of the top 10 largest cryptocurrencies by market cap. The latest development...

Shiba Inu (SHIB) Surpasses Cardano, Enters Top 10 Cryptocurrency List With 15% Surge

Shiba Inu (SHIB) one of the most popular memecoin in the market has made rounds today after jumping Cardano (ADA) to enter the list of the top 10 largest cryptocurrencies by market cap. The latest development has sent excitement across the SHIB ecosystem reigniting optimism on the future outlook of the token.

SHIB has experienced a very volatile month, trading both in the green and red zones on intervals, however, with this latest surge, the sentiment surrounding the coin signals bullish and might trigger an even further movement as it targets Toncoin (TON) next.

Shiba Inu Becomes Top Gainer Today

Meanwhile, fresh data from CoinMarketCap shows a clear trend of SHIB’s price movement over the last 24 hours. According to the data, Shiba Inu has jumped by over 15% over the last day to cement its position as the tenth-largest crypto by market cap. Consequently, Shiba Inu is now the top gainer in this category of assets.

Even though the difference in valuation with Cardano isn’t very large, there is hope for a further price spike which might be the catalyst needed to push the valuation more. In hindsight, Shiba Inu has gained about 9.31% in the last seven days and a massive 21.49% over the last month. This growth experienced by the project is a combined effort from the dedicated SHIB army who constantly backs and participates in activities to trigger the price movement of the coin.

Furthermore, the surge in valuation and price can also be attributed to several factors like strategic partnerships, increased investor interest, and recent technological upgrades in the Shiba Inu ecosystem. At the time of writing, SHIB has a market cap of $16.7 billion as against Cardano (ADA) with $16.4 billion.

Shiba Inu Team Reacts

Following this, the team behind the Shiba Inu project has reacted on social media, celebrating the big win for the project. Notably, Lucie, the marketing lead at Shiba Inu dropped a post on X (formerly Twitter) highlighting how SHIB has surpassed ADA. In her tweet, she wrote “SHIB flipped ADA ( again today),” indicating that this is not the first time that this has happened. Recall that SHIB had previously entered the list of the top ten largest cryptocurrencies in March 2024, but was later dropped due to high volatility.

In a separate tweet, she posted a short clip showing the bullish sentiment surrounding Shiba Inu at 100%. She wrote “This is personal to all fudders 2022/2023″…” Fudge your negativity!” while highlighting that the new rally is fueled by “development, true holders and vision.”

Another team member, Shytoshi Kusama, Shiba Inu’s lead developer also reacted to this update by posting “WOOF” on his X account, underscoring the attention surrounding dog-faced memecoins especially SHIB at the moment.

SHIB Price Reaction Today

As previously mentioned, Shiba Inu has rallied over the last 24 hours. According to data from CoinMarketCap, SHIB is currently changing hands at $0.00002829, signifying a 14.59% increase at the time of writing. What is more, the 24-hour trading volume has also surged by 117.66% to $2.2 billion.

Additionally, the coin has traded between the lows and highs of $0.00002463 and $0.00002927 in the last 24 hours. Furthermore, according to Coinglass, holders of short positions accounted for a staggering $1.04 million of liquidations, dominating the market. To offset losses from the most recent price increase, these traders are anticipated to utilize the sale proceeds to repurchase their positions. Recall that SHIB reached its all-time high of $0.00008616 on October 8, 2021, during the bull run. The current price of SHIB is still 67% below that level.

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