- Shiba Inu (SHIB) rises 16.4% in 24 hours, secures 10th place in global crypto rankings
- Cardano (ADA) slips to 11th place as Shiba Inu’s market cap reaches $16.84 billion
Shiba Inu (SHIB) has once again made headlines in the cryptocurrency world, surging 16.4% in the past 24 hours to reclaim a spot among the top 10 cryptocurrencies by market capitalization. This rally has propelled SHIB to displace Cardano (ADA), marking a significant milestone for the meme-inspired token.
Shiba Inu (SHIB) Market Cap and Position
Following its impressive price increase, Shiba Inu’s market cap surged to $16.84 billion, securing its place as the 10th-biggest cryptocurrency globally. This achievement saw Shiba Inu flip Cardano, which now stands at 11th place with a market cap of $16.50 billion. The rapid rise in SHIB’s valuation has attracted attention across the cryptocurrency community.
Lucie, marketing lead of the Shiba Inu ecosystem, highlighted the community’s enthusiasm in an X post, emphasizing the accomplishment. Prominent Japan-based community member Kuro also commented on SHIB’s resurgence in the top 10 rankings, noting the significance of the achievement.
Previous Performance and Future Outlook(SHIB)
Shiba Inu’s latest surge to the top 10 is reminiscent of its previous performance on March 4, 2024, when it saw a 177% increase in a week, peaking at $0.000027. During that period, SHIB surpassed Avalanche (AVAX) to secure its place among the top cryptocurrencies. Despite the subsequent price dip in April, the current rally suggests potential for further growth.
Market analysts speculate on whether SHIB can surpass its previous high and potentially reach $0.00004. Notable chartist Clifton recently projected that Shiba Inu could surge to $0.00004048, citing a bullish pennant pattern on the daily chart.
Market Activity and Trading Volume
As of the latest update, Shiba Inu is trading at $0.00002876, reflecting a significant increase in trading volume, which surged 98% to $2.01 billion over the past 24 hours. This surge in trading activity underscores the renewed interest in SHIB among investors and traders alike.
Conclusion
Shiba Inu’s recent rally and reentry into the top 10 cryptocurrencies by market cap mark a notable development in the cryptocurrency landscape. With its market cap now at $16.84 billion, SHIB has overtaken Cardano to secure the 10th position, a testament to its growing popularity and the strength of its community. As the market continues to evolve, all eyes are on Shiba Inu to see if it can sustain this momentum and achieve further price appreciation in the days to come.