Shiba Inu (SHIB) Tops Prestigious Ranking After Latest Price Increase: Details
TL;DR
- shiba inu (SHIB) experienced a significant price increase earlier this week and briefly surpassed Cardano (ADA) in market cap, becoming one of the top trends in the crypto community.
- However, its price soon fell amid the overall market correction.
Price of Shiba Inu (SHIB) It reached double digits on May 29, making it one of the industry’s top performers. Its market capitalization temporarily exceeded $17 billion and the asset was briefly inverted cardano (ADA) will be the 11th largest cryptocurrency.
This rally may be one reason why the self-proclaimed dogecoin (DOGE) killer has risen to the top of a major ranking. SHIB according to market intelligence platform Santiment happened The most trending cryptocurrency shares the top spot with another meme coin – dog hat (WIF).
Despite this success, the organization warned against the infamous volatility of these assets, arguing that investors “can expect to see major FOMO peaks and major FUD bottoms.”
SHIB’s resurgence Actually Its price dropped 7% (according to CoinGecko data) in the last 24 hours and was short-lived. Its market cap dropped below $16 billion, making the asset the 12th largest in the crypto industry.
It is worth noting that Shiba Inu is not the only coin in the red today and at one point the entire market was bleeding. Bitcoin (BTC) dropped to $67,100 but experienced a very positive recovery. Ethereum (ETH) fell to around $3,700 before returning to $3,800.
In the world of meme money, it’s even worse. pepe (PEPE), Floki Inu (FLOKI) and bonk Inu (BONK) are among the worst performers with double-digit losses.
SHIB’s Next Possible Target
The second biggest meme is coin conditions market cap is among the hottest topics in the crypto space and is also often the subject of debate. price predictions. One such prediction came from the first Bitcoin (BTC) investor, Davinci Jeremie.
Earlier this week, hello envisioned It is predicted that SHIB’s value could break above the $0.000025 or $0.00003 resistance zones and rise “all the way” to $0.00006, a 130% increase from the current level.
This not his first touch on coin. hello in march requested SHIB is a must-have digital asset for investors have exposure with.
Davinci Jeremie is a well-known figure in the crypto community and often highlights the virtues of BTC. More than ten years ago, hey persistently The fact that people invest just $1 in the leading digital asset underscores the possibility of an astronomical price increase in the future.
Observing an Important Metric
On-chain indicators regarding the Shiba Inu’s ecosystem should also be taken into account in the following cases: I am trying to understand the next move of existence. One example of this is Market Value to Realized Value (MVRV), which indicates whether the SHIB is overvalued or undervalued.
A metric ratio above one indicates that the market value is higher than the realized value, suggesting that investors are in profit and the asset may rise. be overvaluedresulting in a possible price correction. latest data demonstrations SHIB MVRV appears to be at 1.43.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a special $600 welcome offer on binance (full details).
LIMITED OFFER 2024 on bydfi Exchange: Welcome reward up to $2,888, use this link to register and open 100 USDT-M positions for free!
#Shiba #Inu #SHIB #Tops #Prestigious #Ranking #Latest #Price #Increase #Details