Shiba Inu Gains Momentum, Surging 300%, but Faces Profit-Taking and Market Challenges
In the past week, investors flocked to the dog-themed token, driven by the allure of the “Meme Season.” This propelled SHIB to reach its peak at $0.00004575 on March 5.
Shiba Inu, with a 300% surge in days, catapulted into the top 10 cryptocurrencies by market capitalization, solidifying its position as a prominent player in the crypto industry. However, recent profit-taking activities have seen SHIB drop out of the top 10.
Currently ranked 11th in cryptocurrency rankings, SHIB boasts a market capitalization exceeding $19.08 billion. Avalanche surged to the tenth position with a remarkable 15% increase, reaching a market capitalization of $20.3 billion.
While SHIB might have temporarily lost its spot among the top 10 cryptocurrencies, hope for the project remains. As of this report, SHIB has risen by 0.15% in the last 24 hours, reaching $0.00003239, suggesting a potential upward trend.
A potential recovery for SHIB could target the $0.000038 level. If successfully breached, according to cryptocurrency analyst , it might lead to a 40% surge to the $0.000052 level.
With a potential recovery on the horizon, Shiba Inu needs to add over $1.5 billion to its market capitalization to reclaim a spot in the top ten. This assessment considers the current market cap contrast with Avalanche, holding the tenth position.
Over the weekend, in a bid to reduce token supply, the Shiba Inu team burned 13.6 billion SHIB, along with 19,550 bones and 28,762 leashes.
Furthermore, positive developments, such as planned updates and the integration of Shibarium into various platforms, bode well for Shiba Inu. However, while SHIB may re-enter the top ten, navigating market dynamics poses challenges, and its full potential is yet to be realized.
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