The announcement that Mt. Gox is transferring money in an effort to begin paying back its clients opened the digital currency ecosystem today. With the majority of cryptocurrencies falling along with Bitcoin (BTC), this news increased selling pressure on BTC. In the midst of this decline, Shiba Inu (SHIB) has surfed the waves and overtaken Avalanche (AVAX) to rank eleventh in terms of market capitalization among digital currencies.
No matter how things are going, the market is continuously pushing coins against each other. Although this doesn’t necessarily have an effect on the community, it does temporarily improve investor sentiment.
As of this writing, Shiba Inu’s market capitalization is estimated to be $14.59 billion, following a 0.62% decline in price to $0.00002471. In contrast, Avalanche has lost 0.67% of its value in the last day and is currently trading at $36.92, with a $14.51 billion market capitalization.
Shiba Inu has seen a far gentler loss over the last week, despite the minor daily losses appearing to be identical. According to market statistics, AVAX has lost more than 8.5% of its value over the last week, positioning it for a decline in valuation, whilst SHIB has decreased by 2.51%.
Will SHIB take on Cardano next?
Shiba Inu, one of the most ambitious cryptocurrencies in the ecosystem, may soon be able to overtake Cardano (ADA) in its attempt to retake the top 10 positions. Cardano is now valued at $16.3 billion on top of $0.4571 per ADA, in contrast to Shiba Inu’s $14.59 billion market cap.
Toncoin (TONNE), which just made it into the top 10 most capitalised currencies, has caused some displacement for Cardano. Certain assets have leverage because of the industry’s volatility, depending on the state of the market. Shiba Inu seems to be going on a quiet rampage, and if Cardano stumbles for any reason, SHIB may catch up with it.
