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- Shiba Inu (SHIB) is on the verge of entering the top ten market cap rankings, potentially displacing Cardano (ADA).
- While ADA has been in a downtrend, SHIB has shown a strong bullish trend.
- Notably, SHIB’s recent price increases have brought it closer to ADA’s market cap.
Shiba Inu’s rapid ascent in market capitalization threatens Cardano’s position, signaling a potential shift in the crypto rankings.
Shiba Inu Moves Closer to Cardano in Market Cap
According to data from CoinMarketCap, Shiba Inu (SHIB) has been making significant strides in its market capitalization, positioning itself dangerously close to Cardano (ADA). As of the latest figures, SHIB’s market cap has surged past $16 billion, narrowing the gap with ADA, which currently stands at approximately $16.5 billion.
Factors Contributing to SHIB’s Rise
One of the primary factors contributing to SHIB’s rapid ascent is its substantial trading volume. Over the past 24 hours, SHIB’s trading volume exceeded $2.4 billion, significantly higher than ADA’s volume of around $354 million. This surge in trading activity indicates a growing interest and momentum behind SHIB.
SHIB and ADA Display Contrasting Price Trends
Analyzing the price trends of both cryptocurrencies reveals a stark contrast. Shiba Inu has been in a consistent uptrend, with its price currently trading at approximately $0.000027, marking a gain of over 2%. The Relative Strength Index (RSI) further supports SHIB’s strong bullish trend.
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Cardano’s Struggles
In contrast, Cardano has been facing challenges, with its price fluctuating between profit and loss. Currently trading at around $0.46, ADA has shown a modest increase of almost 1%. However, it remains below its short Moving Average, which acts as resistance, and its RSI indicates a bearish trend.
Conclusion
If Shiba Inu continues to gain momentum, it could potentially overtake Cardano in market capitalization rankings. The disparity in trading volumes and price trends highlights the growing interest in SHIB compared to ADA. Investors and market watchers should keep a close eye on these developments as they could signal a significant shift in the crypto landscape.
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