Shiba Inu (SHIB), a cryptocurrency with a dog motif, has lost market share to Avalanche (AVAX) in a reorganisation.
Shiba Inu has maintained its position in the market rankings at number eleven, having dropped out of the top ten due to profit-taking after its phenomenal 300% rise from late February to early March.
Shiba Inu tenaciously held onto its rankings, finishing in 11th position the entire time, even in the face of subsequent profit-taking.
Shiba Inu’s perseverance was put to the test, though, when Avalanche passed it and moved it up to the 12th spot in the cryptocurrency market rankings.
Shiba Inu’s decline in the rankings is accompanied by a wider market decline, with SHIB losing almost 4% of its value in the past day. The SHIB price hit a high of $0.00002684 during today’s trading session, which was followed by profit-taking.
Earlier in the week, when hope returned, cryptocurrency values increased on indications that the United States was moving closer to approving exchange-traded funds that invested directly in Ethereum.
The price of SHIB increased somewhat in tandem with the market. Over the past seven days, SHIB has gained 5.15%; however, its gains have been somewhat restrained by the strong daily MA 50 barrier at $0.000025.
The daily SMA 50 barrier has been limiting Shiba Inu’s price in recent weeks, most especially since mid-April. Shiba Inu had always fought above this level, but on May 20, the bulls made a winning run before running into opposition.
On the other hand, Avalanche’s value increased by more than 18% during the previous week. According to CoinMarketCap statistics, this development has allowed AVAX to surpass SHIB, with a current market value of $15.6 billion against Shiba Inu’s $14.8 billion.
All eyes will be on Shiba Inu as the market situation develops to see whether it can continue to surge over the challenging daily MA 50 level. It remains to be seen if AVAX will keep moving up the ranks or if SHIB can regain its place.
