Shiba Inu dethrones Cardano as it joins the top tens by market cap: SHIB up 18%

Memecoin Shiba Inu (SHIB) has surpassed Cardano (ADA) by market cap following an 18% upswing over the past day.

The remarkable uptick pushed its market capitalization beyond $17.25 billion, flipping Cardano’s $16.52 billion.

Meme cryptos shine

Shiba Inu maintained its upside stance after surpassing Avalanche (AVAX) to rank among the top ten cryptos by value.

Meanwhile, the memecoin sector flourished over the past day. The 8th-ranked Dogecoin saw a slight 2.5% surge over the past day.

Dogwifhat gained 21%, with BOME and BONK among the meme assets that saw double-digit gains.

Meanwhile, PEPE loses momentum as investor confidence fades, down 1.51% on its daily chart.

The market cap of all meme coins increased by 10% over the past 24 hours, nearing the $70 billion mark.

Cardano’s dire state

Cardano’s current outlook displays struggle, with ADA failing to retain its bullish pace after a recent dip beneath the 50-EMA.

ADA was among the tokens with poor performance during the ongoing bull rally, failing to overcome the 200-EMA.

Negative developments such as zombie allegations dented Cardano’s sentiment.

A modest 1.59% gain over the past day places ADA’s price at $0.4615. However, massive resistance from 50-EMA, 100-EMA, and 200-EMA suggests downside continuation.