- Shiba Inu (SHIB) has surged by 16%, overtaking Cardano (ADA) in market capitalization.
- This development was highlighted by Lucie, the marketing lead for SHIB, who praised the achievement.
- Shytoshi Kusama, the lead developer, also expressed optimism about SHIB’s future.
Shiba Inu (SHIB) rallies 16%, flipping Cardano (ADA) in market cap. Discover the factors driving this surge and what it means for the future of SHIB.
Lucie On Shiba Inu Flipping ADA
In a post on X, the Shiba Inu marketing lead stated, “$SHIB flipped $ADA (again today).” The flip signifies a noteworthy shift in the dynamics of the crypto market, particularly in the rankings of major digital assets. Furthermore, the SHIB meme coin attained the 10th spot in the crypto ranking by market cap.
Market Reactions and Developer Insights
Additionally, Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem, became active on X amid the recent surge. He took to X and wrote, “WOOF” to highlight the market optimism around dog-faced cryptocurrencies, especially SHIB. Moreover, the post with just one word was enough to instill further confidence in the SHIB community.
As of today, Shiba Inu’s market cap stands at approximately $16.82 billion. This edges out Cardano, which holds a market valuation of around $16.5 billion. The surge in SHIB’s market value is attributed to a combination of factors, including increased investor interest, strategic partnerships, and recent technological upgrades.
SHIB Price Today
The Shiba Inu price soared nearly 16% today and surpassed the $0.000028 mark, breaking out from the $0.000025 resistance level. This suggests that SHIB could hit the next target set at $0.00003, which could be a major milestone. Meanwhile, the Shiba Inu price jumped 15.93% to $0.00002867 at press time on Wednesday, May 29.
Trading Volume and Market Sentiment
Furthermore, the trading volume for SHIB spiked 96.60% to $1.95 billion in the last 24 hours. In addition, the short position holders dominated liquidations with a whopping $1.04 million liquidated, according to Coinglass. These traders are expected to use the sale proceeds to buy their positions back to mitigate losses from the latest price hike.
Hence, the buying pressure could boost the SHIB price further, however, the risk of a forthcoming dump is also higher. Thus, investors should consider a cautious approach. Meanwhile, the SHIB futures open interest rocketed 32.51% to $120.80 million, indicating renewed interest among derivatives traders.
Conclusion
The recent 16% surge in Shiba Inu (SHIB) price, flipping Cardano (ADA) in market cap, highlights the dynamic nature of the cryptocurrency market. With strong market sentiment, increased trading volume, and positive technical indicators, SHIB appears poised for further growth. However, investors should remain cautious of potential market corrections. The future outlook for SHIB remains optimistic, driven by strategic developments and community support.
