Shiba Inu Surpasses Cardano, Breaks Into Top 10 Cryptocurrencies Amid Double-Digit Rally

May 29, 2024

Shiba Inu (SHIB) has surged past Cardano (ADA) to secure a spot among the top 10 cryptocurrencies by market capitalization. This impressive feat, marked by a double-digit rally with SHIB’s value increasing by 14.54% in the past week, highlights the growing investor enthusiasm and the expanding ecosystem behind the popular meme coin. 

Shiba Inu now ranks 10th with a market capitalization of $16.71 billion, just ahead of Cardano’s $16.45 billion, based on the latest data from CoinMarketCap. The surge in Shiba Inu’s value can be attributed to several factors, including increased investor interest, recent technological developments, and broader market trends favoring meme coins.

The SHIB community, known for its strong online presence and active engagement, has played a crucial role in driving this momentum.

Cardano (ADA), previously holding the 10th position, witnessed a marginal decline, allowing Shiba Inu to capitalize on the opportunity. Despite this, Cardano remains a significant player in the crypto space, known for its strong focus on blockchain research and development.

The broader cryptocurrency market has seen various movements, with Bitcoin (BTC) leading the pack at $68,213.27 and Ethereum (ETH) following at $3,841.21. Tether (USDT), Binance Coin (BNB), and Solana (SOL) complete the top five, maintaining their positions with stable growth.

More than just a numerical milestone, Shiba Inu’s entry into the top 10 is a symbolic victory for the meme coin community, demonstrating the potential for widespread adoption and investment in these alternative cryptocurrencies. Analysts suggest that if Shiba Inu continues to develop its ecosystem and engage its community, it could maintain its upward trajectory.

On Monday, Shiba Inu (SHIB) briefly flipped Avalanche (AVAX) in market capitalization, momentarily securing a higher rank. However, Avalanche quickly regained its position, only to lose it again on Tuesday as Shiba Inu surged ahead once more. This time, SHIB did not relinquish its newfound status. Instead, it maintained its upward momentum, rallying further to clinch the tenth spot among the top cryptocurrencies. The persistent efforts and strong community support behind Shiba Inu played a crucial role in this remarkable ascent.

Shib.io’s marketing lead, known on X as @LucieSHIB, emphasized the crucial role of community support in achieving their latest milestone. In an exclusive interview with The Shib Daily, she shared, “This incredible milestone wouldn’t be possible without the amazing support from our community. This isn’t just about numbers, it’s about our shared passion for decentralized finance and the innovative spirit driving us forward. Thank you for believing in our vision and being part of this journey,” before adding, “Furthermore, even though these are just the first steps in our successful future, it’s an important milestone. It highlights that the fruits of our development will come step by step.”

As of 3:17 a.m. ET on Wednesday, Shiba Inu (SHIB) showed impressive growth, trading at $0.00002835. Over the past 24 hours, its trading volume surged by 115.67%, reaching $2,190,989,515. This remarkable activity reflects a 15.30% increase in SHIB’s value within a day, a 9.36% rise over the last week, and a 21.28% gain in the past month.

Additionally, SHIB’s market capitalization soared by 15.29%, now standing at $16,764,420,012. The circulating supply of SHIB is currently 589,271,843,439,854, data from CoinMarketCap revealed.

Disclaimer: Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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