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Shiba Inu Marketing Lead Rejoices as SHIB Price Rallies 16%, Flips Cardano

Shiba Inu's marketing lead celebrates as SHIB surpasses Cardano in market cap.

Thu, 30 May 2024, 02:40 am UTC

Shiba Inu (SHIB) surged 16% in value, surpassing Cardano, with marketing lead Lucie celebrating the milestone.

Shiba Inu Overtakes Cardano in Market Cap Amid 16% Price Surge, Gains Praise from SHIB Marketing Lead

In a recent report by CoinGape, Shiba Inu (SHIB), a popular caricature cryptocurrency, has surpassed Cardano (ADA) in market capitalization and experienced a 16% price increase. Lucie and the marketing director for Shiba Inus emphasized this development by sharing the news via social media. She further praised the recent surge in SHIB's pricing.

The Shiba Inu marketing lead stated on X: "$SHIB flipped $ADA (again today)." The reversal represents a significant change in the dynamics of the cryptocurrency market, specifically in the positions of prominent digital assets. In addition, the SHIB meme coin ranked tenth in the cryptocurrency classification regarding market capitalization.

Amidst the current upsurge, Shytoshi Kusama, the chief developer within the Shiba Inu ecosystem, also started to participate in X. He drew "WOOF" on X to draw attention to the market's optimism for dog-faced cryptocurrencies, particularly SHIB. Moreover, the message with only one phrase was enough to build further faith in the SHIB community.

As of May 29, Shiba Inu's market capitalization was about $16.82 billion. Cardano, with a market worth of around $16.5 billion, is surpassed by this. Strategic alliances, new technology developments, and heightened investor interest are some of the reasons for SHIB's market value explosion.

Furthermore, Lucie highlights that a flawless technical analysis score of 100 for SHIB supports the most recent accomplishment. In an uploaded video, the market leader for Shiba Inu predicted a "very bullish" trend for the SHIB price going forward. According to this score, SHIB is expected to continue growing due to favorable technical indicators and market sentiment.

Earlier, during the March 2024 rally, the Shiba Inu meme coin had surpassed Cardano. However, a month later, ADA regained its position because of a strong bearish trend that caused the SHIB price to drop significantly. Still, the most recent spike makes up for it.

Shiba Inu Breaks $0.000025 Resistance, Trading Volume Soars 96%, Liquidations Reach $1.04 Million

On May 29, the price of Shiba Inu surged by around 16% and broke through the $0.000025 resistance level, crossing over to the $0.000028 mark. This shows that SHIB might achieve the next goal of $0.00003, representing a significant milestone. Meanwhile, on May 29, at press time, the price of the Shiba Inu increased by 15.93% to $0.00002867.

Furthermore, the trading volume for SHIB soared 96.60% to $1.95 billion in the last 24 hours. In addition, the short position holders dominated liquidations with a stunning $1.04 million liquidated, according to Coinglass. To offset losses from the most recent price increase, these traders are anticipated to utilize the sale proceeds to repurchase their positions.

Thus, there is a chance that the purchasing pressure will drive up the price of SHIB, but there is also a greater chance that a dump will occur soon. As a result, investors ought to think about taking it slow. Meanwhile, the SHIB futures open interest surged 32.51% to $120.80 million, showing fresh interest among derivatives traders.

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