SHIB continues bullish surge flipping Trx briefly

By Maria Irene

In a remarkable display of consecutive bullish momentum, Shiba Inu (SHIB) has once again ascended to claim the #1 Altrank position, marking a turning point in its journey towards potentially joining the ranks of the top 10 cryptocurrencies by market capitalization. While Shiba Inu’s price chart showcased nearly double-digit growth, Tron (TRX), in contrast, remained relatively passive, paving the way for an intriguing battle between the two.

The unstoppable pump of Shiba Inu was further underscored by LunarCrush’s recent tweet, highlighting the coin’s surging social performance in tandem with its price uptick, effectively catapulting SHIB to the forefront of the cryptocurrency landscape in terms of Altrank. According to CoinMarketCap data, SHIB witnessed price gains exceeding 20% over the last seven days, and an additional 9% surge within the past 24 hours. Presently trading at $0.00001089, SHIB’s market capitalization surpassed $6.4 billion, firmly establishing its position as the 11th largest cryptocurrency.

A substantial driving force behind SHIB’s recent surge is undeniably the mounting anticipation surrounding Shibarium, an imminent project slated for launch this month.

Delving into SHIB’s metrics provided a promising outlook for its future valuation. Notably, the coin’s exchange reserves exhibited a decline, indicating a reduction in selling pressure. Additionally, the recent price spike propelled Shiba Inu’s MVRV Ratio to surge over the past few days. Furthermore, a bullish signal emerged from SHIB’s Open Interest, as depicted by Santiment’s chart, with the metric demonstrating an upward trajectory. Elevated Open Interest often points towards the continuation of an ongoing price trend.

In contrast, Tron (TRX), currently holding the 10th spot in market capitalization, demonstrated less bullish price action. CoinMarketCap data revealed marginal movement in TRX’s price over the preceding days. Remarkably, SHIB and TRX only exhibited a slight disparity of $500 million in market capitalization.

Considering SHIB’s sustained bullish trend and positive metrics, the prospect of Shiba Inu surpassing TRX in terms of market capitalization appears increasingly likely in the days to come.

The Ripple Effect on the Shiba Inu Ecosystem

The fervor surrounding Shibarium not only propelled SHIB but also lent support to other tokens within the Shiba Inu ecosystem. Notably, Bone ShibaSwap (BONE) managed to achieve a price surge of over 4% within the last 24 hours, trading at $1.70 with a market capitalization exceeding $391 million. Similarly, Doge Killer (LEASH) followed suit with a 6% price increase during the same timeframe, reaching $594.63 at the time of writing.

As SHIB continues its bullish trajectory and the cryptocurrency ecosystem witnesses further developments, the cryptocurrency community eagerly awaits to see whether Shiba Inu will indeed conquer a spot within the coveted top 10 cryptocurrencies by market capitalization.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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