The digital currency ecosystem opened today to the news of Mt. Gox moving funds in a bid to start repaying its customers. This news placed selling pressure on Bitcoin (BTC), dragging most altcoins along with it. Amid this slip-off, Shiba Inu (SHIB) has ridden the waves to flip Avalanche (AVAX) to become the 11th largest digital currency by market cap.
The market, irrespective of its outlook, is always pitting coins against one another. While this does not necessarily impact its community, it does introduce a temporary investor sentiment booster.
At the time of writing, Shiba Inu has seen a 0.62% drop in its price to $0.00002471, placing its market cap at approximately $14.59 billion. Avalanche, on the other hand, has slipped by 0.67% in the past 24 hours, with its price pegged at $36.92 with a market cap of $14.51 billion.
While the marginal daily losses appear similar, Shiba Inu has recorded a much milder loss over the past week. Per market data, while SHIB has dropped by 2.51% over the past week, AVAX has shed more than 8.5%, setting it up for a slip in valuation.
Will SHIB take on Cardano next?
As one of the most ambitious digital currencies in the ecosystem, Shiba Inu might also be on its way to displacing Cardano (ADA) in its bid to reclaim a top 10 spot. Unlike the $14.59 billion market cap of Shiba Inu, Cardano is currently worth $16.3 billion atop $0.4571 per ADA.
Cardano has had its fair share of displacement as Toncoin (TON) recently found its way into the top 10 most capitalized coins. The volatility in the industry gives some assets leverage depending on market conditions. Shiba Inu appears to be on a subtle rampage, and should Cardano slip unexpectedly, SHIB may overtake it.