Cardano Flipped by SHIB as Price Rallies 16%, Sparks Marketing Lead Excitement
The meme cryptocurrency Shiba Inu (SHIB) experienced a significant 16% surge in price, surpassing Cardano (ADA) in market capitalization. Lucie, the marketing lead for Shiba Inu, shared this development on social media and praised the recent SHIB price rally.
$SHIB Flipping $ADA Again
In a post, Lucie stated that “$SHIB flipped $ADA (again today),” signifying a notable shift in the crypto market dynamics and the rankings of major digital assets. Consequently, the SHIB meme coin secured the 10th spot in the crypto ranking by market cap.
Read Also: Shiba Inu Price Prediction: 10,000 SHIB Wallets Shutdown Sparks Frenzy as PEPE and FLOKI Surge
Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem, also contributed to the market optimism by posting a single word, “WOOF,” on social media. This post further boosted confidence in the SHIB community.
As of the latest data, Shiba Inu’s market cap stands at approximately $16.82 billion, edging out Cardano, which holds a market valuation of around $16.5 billion. The surge in SHIB’s market value can be attributed to increased investor interest, strategic partnerships, and recent technological upgrades.
Moreover, technical analysis scores of 100 for SHIB, as highlighted by Lucie, suggest a very bullish trajectory for the SHIB price in the future. This indicates that SHIB is poised for further growth, driven by strong market sentiment and technical indicators.
SHIB Current Market Trend
The Shiba Inu price surged nearly 16% and exceeded the $0.000028 mark, breaking through the $0.000025 resistance level. This suggests a potential move towards the next target at $0.00003.
The trading volume for SHIB spiked 96.60% to $1.95 billion in the last 24 hours, with a significant amount of short position holders seeing liquidations. These traders are expected to repurchase their positions to mitigate losses from the price hike, potentially impacting the SHIB price.
While the buying pressure could further boost the SHIB price, the risk of a potential market downturn remains. Therefore, investors should approach with caution. Additionally, the SHIB futures open interest increased by 32.51% to $120.80 million, indicating renewed interest among derivatives traders.
Read Also: Dogwifhat (WIF) Rockets 14% Higher in the Midst of Meme Coin Frenzy
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
