Shiba Inu (SHIB) has maintained a remarkable bullish momentum for consecutive weeks, propelling it to once again secure the coveted #10 spot.
As the meme-inspired coin continues to soar, speculation abounds that it is poised to breach the top 10 cryptocurrencies by market capitalization, potentially surpassing Tron (TRX).
Shiba Inu’s price chart has been a sight of nearly double-digit growth, standing in stark contrast to the comparatively passive price action of TRX.
LunarCrush’s recent social metrics revealed a substantial surge in performance, coinciding with an uptick in SHIB’s price, effectively positioning it as the leading crypto in terms of Altrank.
Over the past seven days, SHIB’s price has experienced a remarkable upswing of over 20%, with an additional 9% increase within the last 24 hours.
Currently trading at $0.00001089, Shiba Inu boasts a market capitalization exceeding $6.4 billion, consolidating its position as the 11th largest cryptocurrency.
The surge in SHIB’s value is intrinsically tied to the fervor surrounding Shibarium, an upcoming project slated for launch this month.
Anticipation for the launch has undoubtedly contributed to the bullish sentiment surrounding Shiba Inu.
Analyzing SHIB’s metrics reveals promising signs for potential future growth. The declining exchange reserve suggests that the meme coin is not facing intense selling pressure.
Moreover, Shiba Inu’s MVRV Ratio, a valuable metric indicating investor profitability, has surged in recent days.
Additionally, the rising Open Interest, a metric noted by Santiment, serves as another bullish signal, indicating the likelihood of the ongoing upward price trend persisting.
In stark contrast, Tron (TRX), currently occupying the 10th spot in market capitalization, has exhibited limited bullish price movements.
Data from CoinMarketCap reflects marginal price fluctuations for TRX over recent days, with a narrow gap of only $500 million separating TRX and SHIB in terms of market cap.
With Shiba Inu’s resolute bullish trajectory and positive metrics in mind, the potential for SHIB to surpass TRX in market capitalization becomes a compelling scenario.
As the days unfold, the crypto community awaits further developments that could potentially mark a significant milestone for Shiba Inu and reshape the cryptocurrency rankings.