In a remarkable turn of events that has seen the Shiba Inu price surge while the market is struggling, it overtook Cardano in terms of market cap. This means that Cardano lost its position in the top 10 cryptocurrencies for the first time in more than a year.
Shiba Inu Sees 15% Daily Surge
In the last day, the tides have been turning for Shiba Inu, going from barely moving to jumping double-digits in one day. The price moved from its daily low of $0.0000245 and rose to a daily peak of $0.0000294, which is a more than 15% move in a couple of hours.
This move sent the Shiba Inu market cap above $16.5 billion, and for a brief period of time., making it the 10th-largest cryptocurrency in the market. The coin that would suffer for this is Cardano, whose price has failed to impress investors in the last few months. Cardano briefly fell to 11th position, making the first time in more than one year that this has happened.
The Shiba Inu rally did not seem to be driven by the expectations of a Shibarium airdrop, shared by Shiba Inu marketing lead LUCIE. The announcement that K9 Finance (KNINE) will be carrying out an airdrop for Shibarium users, as well as KNINE and LEASH holders triggered a recovery in the market sentiment towards the meme coin.
One evidence of this is the almost 150% jump in trading volume that occurred in the last day. This marked a change in investors’ sentiment toward the meme coin and shows that they are beginning to come back into SHIB. Presently, the meme coin has done over $2.2 billion in daily trading volume, putting it ahead of the likes BNB, Dogecoin, and way ahead of XRP.
Cardano Continues To Struggle
Despite the crypto market seeing some recovery over the last week, the Cardano price has continued to struggle. For one, its daily trading volume has plummeted over the last week, and in the last day alone, it has seen another 14% decline.
The Cardano price has also been unable to successfully clear the resistance at $0.5, making this the most important level for the altcoin right now. If Cardano is able to successfully climb above this resistance, then it could rally toward $1 once more.
Presently, the Cardano price is trending at $0.46, with a small 0.46% gain in the last day. With the slowdown in the Shiba Inu price, the altcoin has been able to reclaim the 10th position in the crypto top 10 once again. However, with Shiba Inu’s market cap at $16.3 billion and Cardano at $16.5 billion, it could only be a matter of time before the meme coin overtakes it again.
Featured image created with Dall.E, chart from Tradingview.com
