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

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on May 29, 2024
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  • The meme token led the daily gainers with an 18% surge.
  • SHIB surpassed ADA by value to claim a top-ten spot.
  • Cardano struggles to maintain upside pace.

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

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

Source – Coinmarketcap

Meme cryptos shine

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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

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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.

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