Shiba Inu’s (SHIB) market cap has surpassed that of Avalanche (AVAX) today, following a 7% price increase in the last 24 hours. This development means that the Shiba Inu crypto now has a market cap of $10.98 billion, making it the 12th most valuable cryptocurrency in the market.
However, if SHIB’s price continues to increase, the position could be higher. But will this happen?
Shiba Inu Eyes Cardano’s Spot After Surpassing AVAX
Over the weekend, Shiba Inu’s market cap was less than $10 billion, while the price hovered around $0.000016. Market cap is the product of circulating supply and price. Today, SHIB’s price has climbed above $0.000018, indicating that the increase in value contributed to this flippening.
AVAX, on the other hand, did not register a notable price increase, making it easy for the meme coin to climb above the smart contracts platform’s native token.
According to IntoTheBlock, the cryptocurrency was able to climb this way due to a drop in selling pressure. For instance, the Coins’ Holding Time increased by 30% within the last seven days.
Holding Time refers to the period that a cryptocurrency has been held without being transacted or potentially sold. When it decreases, it means that holders are selling. Since it is the other way around, it means that holders have refrained from liquidating their assets.
Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
If sustained, this could put upward pressure<
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Author: Victor Olanrewaju
