At present, Cardano (ADA) occupies the 10th spot in terms of market capitalization. Nonetheless, the notable rise of meme coins presents a challenge to ADA's position, especially with Shiba Inu (SHIB) quickly advancing and possibly posing a challenge to Cardano's ranking.
In market capitalization, Shiba Inu approaches Cardano
The market capitalization rankings have changed recently, and further adjustments could be in store, according to statistics from CoinMarketCap.
Remarkably, Shiba Inu's market valuation just went above $16 billion. When compared to the market capitalization of Cardano, a cryptocurrency that is now ranked higher, this gain is quite notable.
The market capitalization of SHIB was approximately $14 billion as of May 27. In contrast, Cardano had a market valuation of $16.5 billion as of this writing. Therefore, one may contend that ADA's time is running out.
What would enable Shiba Inu to surpass Cardano?
At press time, SHIB was much more active than ADA based on the trade volumes for Cardano and Shiba Inu.
SHIB's volume over the last day over $2.4 billion, while ADA's volume was just about $354 million.
The fact that buyers dominate SHIB's volume trend—which is supported by its pricing analysis—makes it especially intriguing. ADA's price, on the other hand, has been alternating between profit and loss.
The difference between purchasing and trading activity and trading volumes demonstrated the increasing momentum and interest in SHIB relative to ADA.
May 2024, Cryptoniteuae