- The digital currency ecosystem opened today to the news of Mt. Gox moving funds in a bid to start repaying its customers.
- This news placed selling pressure on Bitcoin (BTC), dragging most altcoins along with it.
- Amid this slip-off, Shiba Inu (SHIB) has made waves to flip Avalanche (AVAX) to become the 11th largest digital currency by market cap.
Shiba Inu’s market cap surge positions it as a significant player in the crypto space, potentially eyeing a top 10 spot.
Will SHIB take on Cardano next?
As one of the most ambitious digital currencies in the ecosystem, Shiba Inu might also be on its way to displacing Cardano (ADA) in its bid to reclaim a top 10 spot. Unlike the $14.59 billion market cap of Shiba Inu, Cardano is currently worth $16.3 billion atop $0.4571 per ADA.
Market Dynamics and Investor Sentiment
The market, irrespective of its outlook, is always pitting coins against one another. While this does not necessarily impact its community, it does introduce a temporary investor sentiment booster. At the time of writing, Shiba Inu has seen a 0.62% drop in its price to $0.00002471, placing its market cap at approximately $14.59 billion. Avalanche, on the other hand, has slipped by 0.67% in the past 24 hours, with its price pegged at $36.92 with a market cap of $14.51 billion.
Comparative Performance Analysis
While the marginal daily losses appear similar, Shiba Inu has recorded a much milder loss over the past week. Per market data, while SHIB has dropped by 2.51% over the past week, AVAX has shed more than 8.5%, setting it up for a significant decline in valuation. Cardano has had its fair share of volatility as Toncoin (TON) recently found its way into the top 10 most capitalized coins. The volatility in the industry gives some assets leverage depending on market conditions. Shiba Inu appears to be on a subtle rampage, and should Cardano slip unexpectedly, SHIB may overtake it.
Conclusion
Shiba Inu’s recent performance and market cap surge highlight its potential to disrupt the current rankings of top digital currencies. As the crypto market remains volatile, SHIB’s strategic movements and investor sentiment could pave the way for it to challenge and possibly surpass established players like Cardano. Investors and market watchers should keep a close eye on these developments as they unfold.
