The dog-themed Shiba Inu (SHIB) price gained momentum in the past week as the token was a hit with investors. SHIB jumped to highs of $0.00004575 on March 5 as buyers were lured in by the ‘meme season.’ The meme coin was able to keep the spotlight for quite some time. Even as it slips from the 10th position, SHIB is still showing signs of a comeback.
Shiba Inu slips from top 10
With a 250% gain in the past 30 days, Shiba Inu entered the top ten cryptos by market value and cemented its position as one of the leading meme coins. SHIB, however, dropped out of the top 10 cryptos in the recent trading hours by market capitalization due to profit-taking.
Currently, SHIB is ranked 11th in the top cryptocurrency rankings, with a market capitalization of over $19.86 billion. Following a 3.61% increase in market capitalization, AVAX has climbed to 10th place with a $21.2 billion market cap.
Despite temporarily losing its position among the biggest crypto, SHIB is not out of hope. As of press time, SHIB is up by around 3% in the last 24 hours to $0.0000337, suggesting that the token may be on its way back up.
In the past 24 hours, the meme market cap has surged by 11.5% to reach $67.5 billion. Additionally, the 24-hour trading volume stands at $12 billion.
It’s still hopeful
Nevertheless, it’s possible Shiba Inu (SHIB) could rebound to the $0.000038 mark, which if surpassed might trigger a 40% surge to reach $0.000052, says crypto analyst Ali. Considering the current gap between SHIB and the 10th-ranked Avalanche, it would need to increase its market cap by over $1.5 billion to get back into the top 10.
In efforts to decrease the token supply, the Shiba Inu team burned substantial amounts of SHIB, BONE and LEASH over the weekend. Specifically, they burned 13.6 billion SHIB, 19,550 BONE and 28,762 LEASH.
Additionally, positive developments such as planned updates and the integration of Shibarium into various platforms bode well for Shiba Inu’s prospects. Although SHIB is optimistic, its return to the top 10 depends on market dynamics.
Shytoshi Kusama, the lead dev has also not posted warnings about scams or phishing links in a few days. He had been warning the SHIB community and was also dropping hints about something big coming for SHIB. Things are a bit quieter as of now with hopes and excitement brewing in the community towards SHIB’s future.
