Shiba Inu [SHIB] has recently achieved a significant milestone by overtaking Avalanche [AVAX] in market capitalization, now ranking as the 11th largest cryptocurrency. This achievement comes despite a recent bearish trend, with SHIB experiencing declines of 2.29% over the week and 0.36% over the month. However, in the last 24 hours, the asset surged by over 1% trading at $0.00002541.
A key factor in SHIB’s recent success is the surge in trading activity. The meme coin’s trading volume has skyrocketed by 215% over the past day, reaching $1.01 billion. This increase in trading volume has pushed SHIB’s market cap as well. The meme coin’s market cap is now at $14.97 billion, enabling it to surpass Avalanche and secure its current position as the 11th largest cryptocurrency.
Potential to Displace Cardano
Shiba Inu’s ambitions extend beyond surpassing Avalanche. The meme coin is aiming for a spot in the top 10 cryptocurrencies, currently occupied by Cardano [ADA], which has a market cap of $16.3 billion. ADA, trading at $0.4571 has faced its own challenges, recently being overtaken by Toncoin [TON] in the top 10 list. Given the market’s volatility, SHIB’s momentum could potentially allow it to overtake Cardano if the latter encounters any setbacks.
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Future Projections and Market Sentiment
The outlook for Shiba Inu is promising, with market predictions indicating a positive trend ahead. According to Changelly, SHIB is expected to see double-digit increases in the coming days, potentially reaching a high of $0.00003433 later this week. This optimistic forecast contributes to a bullish sentiment among SHIB holders and prospective investors.
Additionally, the coming weeks will be crucial for SHIB as it navigates market conditions and strives to maintain its upward trajectory. Whether it can sustain this momentum and achieve its ambitious goals remains to be seen. However, for now, Shiba Inu is on a notable path of growth and influence.
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