According to U.Today, Shiba Inu, a dog-themed cryptocurrency, has been overtaken by Avalanche (AVAX) in the market rankings. Shiba Inu had maintained its 11th position after a 300% surge in late February to early March, despite profit-taking that followed. However, Avalanche's rise has now pushed Shiba Inu to the 12th spot.
Shiba Inu's drop in the rankings coincides with a broader market decline, which has resulted in a roughly 4% loss in its value over the last 24 hours. This decline follows profit-taking after the SHIB price reached a high of $0.00002684 during the day's trading session. Earlier in the week, cryptocurrency prices had risen due to hints of progress towards U.S. approval of exchange-traded funds investing directly in Ethereum.
Despite the overall market rise, SHIB's price increase was relatively modest, with a 5.15% gain over the last seven days. This muted growth was due to the stiff daily MA 50 barrier near $0.000025, which has been constraining Shiba Inu's price since mid-April. Despite the challenges, the bulls made a successful attempt to surpass this level on May 20 before encountering resistance.
On the other hand, Avalanche has seen a significant increase in value, with a surge of over 18% in the past week. This growth has allowed AVAX to surpass SHIB, with a current market capitalization of $15.6 billion compared to Shiba Inu's $14.8 billion, according to CoinMarketCap data. As the market situation continues to evolve, it remains to be seen whether Shiba Inu can sustain its rise above the tough daily MA 50 barrier, or if Avalanche will continue to ascend in the rankings.