- Buying pressure on Shiba Inu increased last week.
- Market indicators hinted at a continued price rise.
Over the past week, SHIB, the cryptocurrency represented by Shiba Inu, experienced remarkable expansion. Its worth increased by more than ten percent, causing a significant jump in its market value ranking. As a result, SHIB now holds the position of the eleventh largest crypto by this measurement.
If the trend continues, then SHIB might as well reenter the top 10 list by flipping Cardano [ADA].
Shiba Inu’s bull rally
Following Bitcoin‘s [BTC] fourth reduction in new supply, there was a surge in optimism among altcoins. Some meme coins particularly thrived during this period.
According to CoinMarketCap, SHIB was up by more than 15% in the last seven days.
Currently, the second-largest meme coin was valued at $0.00002736 during my writing and had a market capitalization exceeding $16.12 billion. This significant value led to an increase in SHIB‘s social media buzz, showcasing its widespread recognition within the cryptocurrency community.
Furthermore, the balanced sentiment toward it continued to be optimistic, indicating that buying sentiment outweighed the selling. After the recent surge in the stock market, the gap in market capitalization between ADA and SHIB narrowed down to a mere $2 billion.
To find out if Shiba Inu could surpass Cardano (ADA) and rank as the tenth largest cryptocurrency, AMBCrypto examined its metrics closely.
Based on Glassnode’s data findings, SHIB‘s network value to price ratio decreased significantly on the 20th of April. This decrease suggests that the asset may be underpriced, potentially leading to an uptick in its value in the near future.
Shiba Inu going forward
Last week, the demand for SHIB surged, causing its price to rise significantly. At the same time, more investors were purchasing SHIB, leading to a decrease in its available supply on cryptocurrency exchanges. Conversely, the amount of SHIB held by private investors outside of exchanges grew.
With an uptick in SHIB‘s hoarded supply by leading whale addresses, whales displayed faith in the meme coin. This indication pointed towards optimism among major investors that SHIB’s value might surge even higher.
After examining SHIB‘s daily chart, AMBCrypto checked if any technical signals suggested the meme coin’s bull market was set to resume. One such indicator, MACD, showed a bullish crossover.
Moreover, the Relative Strength Index (RSI) for SHIB increased as well. This signaled that SHIB’s price might continue rising, potentially enabling it to surpass ADA and regain a spot in the top 10 cryptocurrencies by market capitalization.
Read SHIB’s Price Prediction 2024-25
Despite a promising outlook for SHIB, the ecosystem token BONE found itself under the influence of bearish forces.
Based on CoinMarketCap’s data, the meme coin experienced a decrease of approximately 1.8% in value within the past 24 hours. Currently, its price is at around $0.7207 and boasts a market capitalization above $165 million.
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2024-04-22 17:12