Core Decryption, SHIB's Market Position Replaced by AVAX?
Shiba Inu fell out of the top 10 due to profit-taking after its astonishing 300% gain from late February to early March, but currently remains in the 11th position in the market ranking.
Despite the profit-taking, Shiba Inu still tenaciously defended its ranking and remained in the 11th position.
However, Shiba Inu's determination was tested, and Avalanche surpassed it, pushing it to the 12th position in the cryptocurrency market ranking.
Shiba Inu's ranking drop coincided with a sharp drop in the market, and SHIB depreciated by about 4% in the past 24 hours. Investors took profits after the SHIB price reached a high of $0.00002684 during today's trading session.
Earlier this week, cryptocurrency prices rose due to the recovery of optimism and progress in the approval of an exchange-traded fund that directly invests in Ethereum in the United States.
SHIB's price rose with the market, but the amplitude was smaller. SHIB has gained 5.15% over the past seven days as its gains have been relatively contained by the daily MA 50 resistance around $0.000025.
In recent weeks, especially since mid-April, Shiba Inu’s price has been limited by the daily SMA 50 barrier. Shiba Inu has faced a battle to surpass such a level; however, bulls made a successful attempt on May 20 but subsequently ran into resistance.
In contrast, Avalanche has seen a significant surge in value, gaining more than 18% over the past week. This growth has pushed AVAX past SHIB, with a current market cap of $15.6 billion, compared to Shiba Inu’s $14.8 billion market cap.
As the market situation unfolds, eyes will be on Shiba Inu to see if it can sustain above the difficult hurdle of the daily SMA 50. It remains to be seen if SHIB can reclaim its place or if AVAX will continue to climb the rankings.
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