Shiba Inu (SHIB) has been riding a wave of bullish momentum for consecutive weeks, reclaiming the #10 Altrank position.
With a promising price trajectory, SHIB appears poised to breach the top 10 cryptocurrencies by market capitalization by overtaking Tron (TRX).
Shiba Inu’s recent price trajectory has been nothing short of impressive, propelling it to secure the leading spot on Altrank charts. As SHIB’s price displayed nearly double-digit growth on the daily chart, Tron (TRX) remained relatively subdued.
LunarCrush, a renowned social analytics platform, highlighted a significant surge in SHIB’s social performance. This increase in online engagement has coincided with a notable price uptick, further solidifying SHIB’s position as the top crypto in terms of Altrank.
SHIB’s recent gains are quantifiable, with its price surging by over 20% and 9% in the last seven days and 24 hours, respectively, according to CoinMarketCap data.
As of now, SHIB is trading at $0.00001089, boasting a market capitalization exceeding $6.4 billion, securing its position as the 11th largest cryptocurrency.
One of the key catalysts behind SHIB’s ongoing surge is the buzz surrounding Shibarium, an anticipated launch scheduled for this month. This upcoming development has added to the market’s excitement and is contributing to SHIB’s sustained growth.
SHIB’s promising metrics offer insights into its potential for further appreciation. The decline in its exchange reserve suggests limited selling pressure, allowing SHIB to maintain its bullish stance.
The recent price uptick has also led to a surge in SHIB’s MVRV Ratio while rising Open Interest indicates a prolonged continuation of the current price trend.
In contrast, Tron (TRX), the 10th largest cryptocurrency at present, has displayed relatively marginal price movement over the same period.
CoinMarketCap data reflects minimal fluctuations in TRX’s price, with a slim $500 million difference separating TRX and SHIB in market capitalization.
Considering SHIB’s robust price performance and positive metrics, the prospect of SHIB surpassing TRX to claim a spot in the top 10 cryptocurrencies appears increasingly plausible.
As SHIB continues its bullish trajectory and garners positive market sentiment, the long-awaited flip with TRX might become a reality in the days ahead.
