Shiba Inu (SHIB) has resumed its bullish momentum as it enters the list of the top 10 cryptocurrencies by market capitalization, displacing Cardano (ADA).
This comes after Shiba Inu’s price surged 16.4% over the past 24 hours to eventually hit the $0.000028 territory.
Shiba Inu Flips Cardano to Become Top 10 Biggest Crypto by Market Cap
Following Shiba Inu’s tremendous price increase, SHIB secured the 10th position in the global crypto ranking by market cap, as its total valuation hit the $16 billion mark. Interestingly, Shiba Inu flipped Cardano (ADA) to become the 10th-biggest crypto by market cap.
Cardano, which held the 10th position over the past few days, has now slipped to 11th place with a market cap of $16.50 billion. However, Shiba Inu currently boasts a market cap of $16.84 billion.
Reacting to the development, Shiba Inu ecosystem marketing lead, Lucie, called the public’s attention to the latest feat in an X post.
$SHIB flipped $ADA ( again today) pic.twitter.com/cSu2fZuwcn
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 29, 2024
Similarly, prominent Japan-based Shiba Inu community member Kuro also commented on the development, noting that SHIB is back in the top 10 spot.
#SHIB is back in the top 10!💪#柴犬コイン #シバイヌコイン pic.twitter.com/cuRsWfoyv5
— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) May 29, 2024
Previous Surge to Top 10 Ranking
For context, the last time SHIB entered the top 10 spot was on March 4, 2024. At the time, Shiba Inu surged 177% in one week, hitting the $0.000027 territory.
Notably, Shiba Inu outpaced Avalanche (AVAX) to secure the top 10 spot. After hitting the $0.000027 level, Shiba Inu continued the rally that eventually took its price above $0.000045 on March 5.
However, the rally was short-lived as Shiba Inu’s price dipped amid intense selling pressure. Consequently, SHIB plunged below $0.00002 in April.
Can SHIB Surge to $0.00004?
It remains to be seen whether Shiba Inu could replicate its March performance and potentially surge above $0.00004. Prior to its resurgence to the top 10th position, prominent market analysts predicted that SHIB could witness a tremendous rally that might take its price above the $0.00004 mark.
As reported earlier, popular crypto chartist Clifton projected that Shiba Inu could surge to $0.00004048 following the emergence of a bullish pennant pattern on the asset’s daily chart.
In the meantime, SHIB changes hands at $0.00002876, up 16.4% over the past 24 hours. Shiba Inu’s 24-hour trading volume has spiked 98% to a whopping $2.01 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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