In a shakeup move, the dog-themed cryptocurrency Shiba Inu (SHIB) has lost its place in the market to Avalanche (AVAX).
In a shakeup move, the dog-themed cryptocurrency Shiba Inu (SHIB) has lost its place in the market to Avalanche (AVAX).
Shiba Inu has remained at 11th in the market rankings after falling from the top 10 due to profit-taking following its astonishing 300% rise between late February and early March.
Despite the profit-taking that followed, Shiba Inu fiercely defended its ranking and remained in 11th place throughout.
However, Shiba Inu’s resolve has been tested when Avalanche surpassed him, pushing him to 12th place in the crypto market rankings.
Shiba Inu’s drop in the rankings coincides with a larger market decline that has seen SHIB lose approximately 4% of its value in the last 24 hours. This drop follows profit-taking after SHIB price hit a high of $0.00002684 during today’s trading session.
Earlier in the week, cryptocurrency prices rose on signs of progress toward US approval of exchange-traded funds that invest directly in Ethereum as optimism revived.
Tomiwabold OlajideThe price of SHIB rose along with the market, but to a lesser extent. SHIB is currently up 5.15% over the past seven days as its gains were relatively tempered by the stiff MA 50 daily barrier near $0.000025.
In recent weeks, specifically since mid-April, the Shiba Inu price has been restricted by the daily SMA 50 barrier. Shiba Inu constantly faced a battle exceeding this level; However, the bulls made a successful attempt on May 20 before facing resistance.
In contrast, Avalanche saw an increase in value, rising more than 18% last week. This growth has propelled AVAX to surpass SHIB, with a current market capitalization of $15.6 billion compared to Shiba Inu’s $14.8 billion, according to CoinMarketCap data.
Tomiwabold OlajideAs the market scenario develops, eyes will be on Shiba Inu to see if it can maintain its rise above the tough MA 50 daily barrier. It remains to be seen if SHIB will be able to regain its position or if AVAX will continue to rise up the ranks. .
