Bitrabo Editorial
Shiba Inu has experienced a significant upturn in its price, surpassing Cardano in market capitalization amid a challenging market environment. This shift resulted in Cardano losing its position in the top 10 cryptocurrencies for the first time in over a year.
Shiba Inu Records 15% Daily Increase
In a remarkable development, Shiba Inu witnessed a substantial surge within a day, escalating from minimal movement to a double-digit leap. The price surged from a daily low of $0.0000245 to a peak of $0.0000294, marking a more than 15% increase in just a few hours.
This surge propelled Shiba Inu’s market cap above $16.5 billion, momentarily elevating it to the 10th position among cryptocurrencies. Meanwhile, Cardano bore the brunt of this increase, with its lackluster performance causing it to briefly slip to the 11th spot, a situation unseen for over a year.
The rise in Shiba Inu’s value was not solely driven by expectations of a Shibarium airdrop, as conveyed by Shiba Inu marketing lead LUCIE. The announcement of an airdrop by K9 Finance (KNINE) for Shibarium users, along with KNINE and LEASH holders, reignited positive market sentiment towards the meme coin.
Evident from the nearly 150% surge in trading volume within a day, it signals a shift in investors’ attitudes towards the meme coin, indicating a resurgence of interest in SHIB. Currently, the meme coin has amassed over $2.2 billion in daily trading volume, surpassing the likes of BNB, Dogecoin, and significantly outperforming XRP.
Cardano Faces Uphill Battle
Despite some recovery in the cryptocurrency market in recent times, Cardano has been grappling with challenges. Notably, its daily trading volume has plummeted over the past week, with an additional 14% decline observed in the last day alone.
Furthermore, Cardano’s price has struggled to surpass the resistance at $0.5, a critical level for the altcoin’s performance. A breakthrough above this resistance could potentially propel Cardano towards the $1 mark once more.
Currently trading at $0.46 with a modest 0.46% gain in the last day, Cardano has managed to reclaim its spot in the crypto top 10 due to Shiba Inu’s slowdown. However, with Shiba Inu’s market cap at $16.3 billion and Cardano at $16.5 billion, it may only be a matter of time before the meme coin overtakes it once again.