Even though SHIB has temporarily slipped from the top 10 cryptocurrencies, there’s still optimism for its future.
In the past week, the price of Shiba Inu (SHIB) saw a rise as investors showed interest in the dog-themed token. This surge was driven by the excitement of the “meme season,” with buyers pushing SHIB to reach highs of $0.00004575 on March 5.
Shiba Inu Faces Market Fluctuations
Shiba Inu (SHIB) experienced a significant surge, achieving a remarkable 300% gain in just a few days, which propelled it into the top 10 cryptocurrencies by market value. This surge solidified its position as a prominent player in the crypto industry. However, SHIB has recently encountered profit-taking, causing it to drop out of the top 10 cryptocurrencies by market capitalization.
As of now, SHIB holds the 11th position in the cryptocurrency rankings, with a market capitalization exceeding $19.08 billion. Meanwhile, Avalanche surged to the 10th position in market capitalization following a spectacular 15% increase, reaching a market capitalization of $20.3 billion.
Despite temporarily losing its place among the top 10 cryptocurrencies, there’s still optimism for SHIB’s future. At the time of writing, SHIB showed a slight increase of 0.15% in the last 24 hours, reaching $0.00003239. This suggests a potential upward trajectory for the token.
Analysts anticipate a potential recovery for SHIB, with a target around the $0.000038 level. Breaking this level successfully could lead to a significant breakout, with predictions indicating a potential 40% increase to the $0.000052 level, as suggested by crypto analyst Ali.
Shiba Inu’s Path to Top 10
With a potential recovery on the horizon, Shiba Inu faces the challenge of adding over $1.5 billion to its market capitalization to reclaim a spot in the top 10. This estimation is based on the current market cap gap between Shiba Inu and Avalanche, which holds the 10th position.
During the weekend, the Shiba Inu team initiated significant token burns to reduce the token supply. Reports indicate that 13.6 billion SHIB, along with 19,550 BONE and 28,762 LEASH, were burned by the Shiba Inu team.
Additionally, the planned updates and the integration of Shibarium into various platforms bring positive prospects for Shiba Inu’s future. While the token might regain its place in the top 10, driven by market dynamics, its full potential is yet to be realized.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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