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In a reshuffling move, dog-themed cryptocurrency Shiba Inu (SHIB) has lost its market spot to Avalanche (AVAX).
Shiba Inu has remained in 11th place in the market rankings after falling out of the top 10 due to profit-taking following its stunning 300% increase in late February to early March.
Despite the profit-taking that followed, Shiba Inu fiercely defended its rankings, remaining in 11th place throughout.
However, Shiba Inu's resolve has been tested with Avalanche overtaking it, pushing it to 12th place in the crypto market rankings.
Shiba Inu's drop in the rankings coincides with a larger market fall that has seen SHIB lose roughly 4% of its value in the last 24 hours. This fall follows profit-taking after the SHIB price reached a high of $0.00002684 during today's trading session.
Earlier in the week, crypto prices rose on hints of progress toward U.S. approval of exchange-traded funds investing directly in Ethereum as optimism revived.
Tomiwabold OlajideSHIB's price climbed alongside the market, but to a smaller extent. SHIB is currently up 5.15% over the last seven days, as its gains were relatively muted by the stiff daily MA 50 barrier near $0.000025.
In recent weeks, specifically since mid-April, Shiba Inu's price has been constricted by the daily SMA 50 barrier. Shiba Inu consistently faced a battle surpassing this level; however, the bulls made a successful attempt on May 20 before confronting resistance.
Conversely, Avalanche experienced a surge in value, climbing over 18% in the past week. This growth has propelled AVAX to overtake 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 scenario unfolds, eyes will be on Shiba Inu to see if it can sustain its rise above the tough daily MA 50 barrier. Whether SHIB can reclaim its position or AVAX will continue to climb the ranks remains to be seen.
Alex Dovbnya
Denys Serhiichuk
Dan Burgin
U.Today Editorial Team
Vladislav Sopov