The digital currency landscape saw a significant development today as Mt. Gox initiated the process of repaying its customers, leading to selling pressure on Bitcoin (BTC) and dragging down most altcoins. Despite this downturn, Shiba Inu (SHIB) managed to outperform Avalanche (AVAX) and secure the 11th spot in terms of market capitalization.
In the crypto industry, coins are constantly compared and evaluated against each other, influencing investor sentiment and market dynamics. Although this rivalry may not directly impact the community, it does create short-term fluctuations in prices.
Currently, Shiba Inu is priced at $0.00002471 with a market cap of around $14.59 billion, experiencing a slight 0.62% decrease. In contrast, Avalanche has dipped by 0.67% to $36.92, holding a market cap of $14.51 billion. Over the past week, SHIB has shown a more resilient performance with a 2.51% drop compared to AVAX’s significant 8.5% decline.
Looking ahead, Shiba Inu could potentially challenge Cardano (ADA) for a spot in the top 10 rankings. With a market cap of $14.59 billion, SHIB is closing in on Cardano’s $16.3 billion valuation and $0.4571 per ADA. Cardano faced displacement recently when Toncoin (TON) entered the top 10, highlighting the industry’s volatility and the shifting positions of assets based on market conditions. As Shiba Inu continues its upward trend, there is a possibility that it could surpass Cardano if market conditions align in its favor.
