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

Shiba Inu (SHIB), a popular meme crypto, witnessed a 16% surge in price and has overtaken Cardano (ADA) in market capitalization. This development was highlighted by Shiba Inu’s marketing lead, Lucie, who took to social media to share the news. Moreover, she lauded the recent SHIB price rally.

Lucie On Shiba Inu Flipping ADA

In a post on X, the Shiba Inu marketing lead stated, “$SHIB flipped $ADA (again today).” The flip signifies a noteworthy shift in the dynamics of the crypto market, particularly in the rankings of major digital assets. Furthermore, the SHIB meme coin attained the 10th spot in the crypto ranking by market cap.

Additionally, Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem, became active on X amid the recent surge. He took to X and wrote, “WOOF” to highlight the market optimism around dog-faced cryptocurrencies, especially SHIB. Moreover, the post with just one word was enough to instill further confidence in the SHIB community.

As of today, Shiba Inu’s market cap stands at approximately $16.82 billion. This edges out Cardano, which is holds a market valuation of around $16.5 billion. The surge in SHIB’s market value is attributed to a combination of factors, including increased investor interest, strategic partnerships, and recent technological upgrades.

Moreover, the latest achievement is backed by a perfect technical analysis score of 100 for SHIB, as spotlighted by Lucie. The Shiba Inu market lead posted a video that suggests the SHIB price to have a “very bullish” trajectory in the future. This score suggests that SHIB is poised for further growth, driven by strong market sentiment and technical indicators.

Earlier, during the March 2024 rally, the Shiba Inu meme coin had surpassed Cardano. However, within a month ADA took its place back owing to a massive bearish trend that led to significant losses in the SHIB price. Nonetheless, the latest surge makes up for it.

Also Read: Shiba Inu Coin Team Lauds K9 Finance On Major Listing, KNINE Price Soars

SHIB Price Today

The Shiba Inu price soared nearly 16% today and surpassed the $0.000028 mark, breaking out from the $0.000025 resistance level. This suggests that SHIB could hit the next target set at $0.00003, which could a major milestone. Meanwhile, the Shiba Inu price jumped 15.93% to $0.00002867 at press time on Wednesday, May 29.

Furthermore, the trading volume for SHIB spiked 96.60% to $1.95 billion in the last 24 hours. In addition, the short position holders dominated liquidations with a whopping $1.04 million liquidated, according to Coinglass. These traders are expected to use the sale proceeds buy their positions back to mitigate losses from the latest price hike.

Hence, the buying pressure could boost the SHIB price further, however, the risk of a forthcoming dump is also higher. Thus, investors should consider a cautious approach. Whilst, the SHIB futures open interest rocketed 32.51% to $120.80 million, indicating renewed interest among derivatives traders.

Also Read: SHIB Price Analysis: Why Is Shiba Coin Inu Holding Back $0.000035-Bound Breakout

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.