- SHIB took a stab at ADA’s ranking with its recent price increases.
- ADA was in a downtrend, while SHIB remained in a strong bull trend at press time.
Currently, Cardano [ADA] holds the position of the 10th largest market capitalization.
However, the recent surge in meme coins poses a threat to ADA’s position, with Shiba Inu [SHIB] rapidly gaining ground and potentially challenging Cardano’s ranking.
Shiba Inu moves closer to Cardano in market cap
According to data from CoinMarketCap, there have been recent changes in the rankings of market capitalization, and further shifts may be on the horizon.
Notably, the market capitalization of Shiba Inu recently surpassed $16 billion. This increase is particularly noteworthy when compared to the market capitalization of Cardano, a coin currently ranked higher.
Until the 27th of May, SHIB’s market cap was around $14 billion. Compared to that, as of this writing, Cardano’s market capitalization stood at $16.5 billion. So, one could argue that the clock is ticking for ADA.
What could help Shiba Inu overtake Cardano?
AMBCrypto’s comparison of the trading volumes for Shiba Inu and Cardano revealed that SHIB was experiencing significantly more activity than ADA at press time.
Over the past 24 hours, SHIB’s volume exceeded $2.4 billion, whereas ADA’s volume was around $354 million.
Source: Santiment
What’s particularly interesting about SHIB’s volume trend was that it is dominated by buyers, as reflected in its price analysis. In contrast, ADA’s price has been fluctuating between profit and loss.
This disparity in trading volumes and buying activity highlighted the growing interest and momentum behind SHIB, compared to ADA.
SHIB and ADA display contrasting price trends
AMBCrypto’s analysis of Shiba Inu on a daily timeframe showed that it was in an uptrend.
As of this writing, Shiba Inu was trading with a gain of over 2%, at approximately $0.000027. If it closes the current trading session with gains, it will mark three consecutive days of uptrends.
Also, the Relative Strength Index (RSI) indicated that Shiba Inu was in a strong bull trend.
Source: TradingView
In contrast, Cardano’s price trend was less positive and in a downtrend. It was trading at around $0.46, showing a modest increase of almost 1%.
Read Cardano’s [ADA] Price Prediction 2024-25
Despite this, Cardano remained below its short Moving Average (yellow line), which was acting as resistance. ADA’s RSI also indicated it was trading below the neutral line, suggesting a bear trend.
Source: TradingView
If Shiba Inu continues to gain momentum, it could alter the current market capitalization rankings, finally overtaking ADA.