Despite a temporary setback from its position among the top 10 cryptocurrencies, Shiba Inu (SHIB) shows signs of a promising rebound.
Recently, SHIB experienced a notable surge in its price, thanks to a growing interest during what many are calling the “meme season.”
This increased attention drove the price of SHIB to $0.00004575 on March 5, marking a significant 300% gain in a short span.
This spike in interest not only catapulted SHIB into the top 10 cryptocurrencies by market value but also underscored its significant influence within the crypto sphere.
However, the landscape swiftly changed as profit-taking ensued, leading SHIB to dip below the top 10, now ranking 11th with a market cap exceeding $19.08 billion.
This shift occurred as Avalanche ascended to the 10th spot following a 15% increase in its market value to $20.3 billion.
Despite this, SHIB’s current performance, showing a minor increase of 0.15% to $0.00003239, hints at a potential upward trajectory.
According to crypto analyst Ali, a breach of the $0.000038 level could trigger a 40% surge to $0.000052.
To reclaim a top 10 position, SHIB needs to expand its market cap by over $1.5 billion, considering the gap with Avalanche.
Contributing to SHIB’s potential recovery are significant token burns executed by the Shiba Inu team, which included 13.6 billion SHIB, along with substantial amounts of BONE and LEASH.
Additionally, upcoming updates and the integration of Shibarium on various platforms are anticipated to positively impact SHIB’s valuation.
Tomiwabold, a seasoned cryptocurrency analyst with a background in technical analysis from the University of Lagos, closely monitors and analyzes cryptocurrency trends, offering insights into future market directions.
His expertise contributes to a nuanced understanding of the potential shifts within the crypto market, highlighting the inherent unpredictability and opportunities within the space.