According to U.Today, the digital currency market experienced a shakeup as Mt. Gox began moving funds to repay its customers, causing a selling pressure on Bitcoin and most altcoins. Amid this, Shiba Inu (SHIB) managed to surpass Avalanche (AVAX) to become the 11th largest digital currency by market capitalization.
The market dynamics often pit coins against each other, influencing temporary investor sentiment. At the time of the report, Shiba Inu had a slight 0.62% drop in its price to $0.00002471, resulting in a market cap of approximately $14.59 billion. In contrast, Avalanche slipped by 0.67% in the past 24 hours, with its price at $36.92 and a market cap of $14.51 billion.
While the daily losses for both coins were marginal, Shiba Inu recorded a milder loss over the past week. Market data showed that while SHIB dropped by 2.51% over the past week, AVAX shed more than 8.5%, leading to a decrease in its valuation.
Shiba Inu, one of the most ambitious digital currencies, might also be on its way to displacing Cardano (ADA) in its bid to reclaim a top 10 spot. Cardano currently has a market cap of $16.3 billion with a price of $0.4571 per ADA.
Cardano has experienced displacement as Toncoin (TON) recently entered the top 10 most capitalized coins. The volatility in the industry gives some assets leverage depending on market conditions. If Cardano were to slip unexpectedly, SHIB may have the opportunity to overtake it.