Shiba Inu (SHIB) has made a strong comeback in the cryptocurrency market, reclaiming its position in the top 10 rankings. The price of SHIB has seen a significant increase of 16.4% in the past 24 hours, reaching a value of $0.000028.
This surge in price has propelled Shiba Inu to the 10th spot in terms of market capitalization, with a total valuation of $16 billion. Interestingly, Shiba Inu has now surpassed Cardano (ADA) to become the 10th-largest cryptocurrency by market cap. Cardano, which previously held the 10th position, has now slipped to 11th place with a market cap of $16.50 billion. Meanwhile, Shiba Inu boasts a market cap of $16.84 billion.
Lucie, the marketing lead for the Shiba Inu ecosystem, highlighted this achievement in a recent post, drawing attention to the latest feat. Additionally, Kuro, a prominent member of the Shiba Inu community in Japan, commented on the development, acknowledging that SHIB has reclaimed its position in the top 10.
This is not the first time that Shiba Inu has entered the top 10 rankings. The last time it achieved this feat was on March 4, 2024, when it experienced a surge of 177% in just one week, reaching the $0.000027 mark. During this period, Shiba Inu surpassed Avalanche (AVAX) to secure its position in the top 10. The rally continued, pushing the price of SHIB above $0.000045 on March 5. However, the rally was short-lived, and SHIB’s price dipped below $0.00002 in April.
Now, the question remains whether Shiba Inu can replicate its past performance and potentially surge above $0.00004. Market analysts have previously predicted that SHIB could witness a significant rally, potentially surpassing the $0.00004 mark. Chartist Clifton, for instance, projected that Shiba Inu could reach $0.00004048, citing a bullish pennant pattern on the asset’s daily chart.
Currently, SHIB is trading at $0.00002876, showing a 16.4% increase in the past 24 hours. Its trading volume has also experienced a significant spike of 98%, reaching $2.01 billion.
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