- SHIB took a stab at ADA’s ranking with its recent price increases.
ADA was in a downtrend, while SHIB remained in a strong bull trend at press time.
As a researcher with experience in analyzing cryptocurrency markets, I have been closely monitoring the recent developments between Cardano (ADA) and Shiba Inu (SHIB). The data suggests that SHIB is rapidly gaining ground on ADA in terms of market capitalization.
Currently, Cardano [ADA] holds the position of the 10th largest market capitalization.
Yet, the increasing popularity of meme coins recently has put ADA‘s standing at risk. Notably, Shiba Inu (SHIB) is swiftly advancing and could possibly dethrone Cardano from its current ranking.
Shiba Inu moves closer to Cardano in market cap
Based on information from CoinMarketCap, there have been recent adjustments in cryptocurrency market capitalizations’ order, with potential for more alterations to come.
It’s worth mentioning that Shiba Inu’s market capitalization has recently exceeded $16 billion. This is an impressive milestone considering Cardano, a coin with a higher ranking, currently boasts a smaller market cap.
As a crypto investor, I’ve observed that SHIB‘s market cap was approximately $14 billion up until May 27th. On the other hand, Cardano’s market capitalization currently hovers around $16.5 billion. This implies that there’s a notable gap between the two in terms of market value. Consequently, one might suggest that ADA is under some pressure to perform and potentially close this difference.
What could help Shiba Inu overtake Cardano?
As a researcher examining the trading data from AMBCrypto, I discovered an intriguing finding: Shiba Inu (SHIB) was generating noticeably higher trading volumes than Cardano (ADA) when I conducted my analysis at that particular moment in time.
In the last 24-hour period, Shiba Inu (SHIB) recorded a trading volume of over $2.4 billion, significantly higher than Cardano’s (ADA) volume of approximately $354 million.
What’s particularly interesting about SHIB’s volume trend was that it is dominated by buyers, as reflected in its price analysis. In contrast, ADA’s price has been fluctuating between profit and loss.
As a crypto investor, I’ve noticed an intriguing difference between the trading volumes and buying activity of SHIB and ADA. The increased gap suggests that there is mounting enthusiasm and energy surrounding SHIB that sets it apart from ADA.
SHIB and ADA display contrasting price trends
AMBCrypto’s analysis of Shiba Inu on a daily timeframe showed that it was in an uptrend.
At present, the value of Shiba Inu is increasing by more than 2% to around $0.000027 in the markets. Should it finish this trading day with a profit, it would represent the third consecutive day of price growth.
Also, the Relative Strength Index (RSI) indicated that Shiba Inu was in a strong bull trend.
Instead of “In contrast,” you could say “On the other hand, the price trend for Cardano was less favorable and indicated a downturn. The cryptocurrency was priced at approximately $0.46, demonstrating a slight uptick of nearly 1%.”
Read Cardano’s [ADA] Price Prediction 2024-25
In spite of this, the price of Cardano stayed beneath its short-term moving average (represented by the yellow line), serving as a barrier for growth. Furthermore, the Relative Strength Index (RSI) of ADA revealed that it was trading under the neutral threshold, pointing towards a bearish market trend.
If the popularity of Shiba Inu persists, it may eventually displace Cardano and take its place among the top-ranked cryptocurrencies in terms of market capitalization.
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2024-05-30 06:15