Shiba Inu (SHIB) has regained its bullish momentum, climbing into the top 10 cryptocurrencies by market capitalization and pushing Cardano (ADA) down in the rankings. In the last 24 hours, Shiba Inu’s price surged by 16.4%, reaching approximately $0.000028.
After experiencing a significant price surge, Shiba Inu (SHIB) has climbed to the 10th position in the global cryptocurrency rankings by market capitalization. Its total market valuation has reached $16 billion, surpassing Cardano (ADA) to become the 10th-largest cryptocurrency by market cap.
Shiba Inu Surpasses Cardano in Market Cap Rankings
Cardano, which maintained the 10th position in recent days, has now slipped to 11th place with a market capitalization of $16.50 billion. Meanwhile, Shiba Inu has surged ahead with a market cap of $16.84 billion, securing the 10th spot in global cryptocurrency rankings.
Source: X
In response to this achievement, Lucie, the marketing lead for the Shiba Inu ecosystem, highlighted the milestone in a recent post. Additionally, prominent Japan-based Shiba Inu community member Kuro expressed excitement over SHIB reclaiming its position in the top 10.
Source: X
Shiba Inu’s Previous Rise to the Top 10
The last time Shiba Inu (SHIB) entered the top 10 cryptocurrency rankings was on March 4, 2024. During that period, SHIB experienced a remarkable surge of 177% within a week, reaching the $0.000027 price range.
Notably, Shiba Inu surpassed Avalanche (AVAX) to secure its place among the top 10 cryptocurrencies. Following its initial surge, SHIB continued rallying, pushing its price above $0.000045 on March 5.
However, the upward momentum was short-lived as Shiba Inu faced significant selling pressure, causing its price to drop below $0.00002 by April.
Shiba Inu’s Potential for Another Price Surge
It remains uncertain whether Shiba Inu (SHIB) can replicate its March performance and surpass the $0.00004 mark once again. Before reclaiming its position in the top 10 rankings, market analysts had predicted a significant rally for SHIB.
Notably, crypto chartist Clifton had projected that Shiba Inu could surge to $0.00004048 following the formation of a bullish pennant pattern on the daily chart.
Currently, SHIB is trading at $0.00002876, marking a 16.4% increase over the past 24 hours. The cryptocurrency has also seen its 24-hour trading volume surge by 98% to reach $2.01 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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