The price of Shiba Inu (SHIB) gained ground last week as investors flocked to the dog-themed token. Lured by the appeal of “meme season,” buyers drove SHIB to highs of $0.00004575 on March 5.
The price of Shiba Inu (SHIB) gained ground last week as investors flocked to the dog-themed token. Lured by the appeal of “meme season,” buyers drove SHIB to highs of $0.00004575 on March 5.
Shiba Inu achieved a 300% gain in days, propelling it into the top 10 cryptocurrencies by market value and solidifying its position as a prominent player in the crypto industry.
However, SHIB has recently witnessed some profit taking, falling out of the top 10 cryptocurrencies by market cap.
SHIB is currently ranked 11th in the cryptocurrency rankings, with a market capitalization of over $19.08 billion. Avalanche jumped to 10th place in market capitalization after a spectacular 15% increase, raising its market capitalization to $20.3 billion.
While SHIB may have temporarily lost its place among the top 10 cryptocurrencies, all hope is not lost for the project. At the time of writing, SHIB had risen 0.15% over the past 24 hours to $0.00003239, suggesting that the token may be on its way back up.
A possible SHIB recovery could target the $0.000038 level, which if successfully broken, according to crypto analyst Alicould lead to a 40% breakout to the $0.000052 level.
With a potential recovery on the horizon, Shiba Inu would need to add more than $1.5 billion to its market cap to secure a spot in the top 10, based on the current market cap disparity between it and 10th-place Avalanche .
Over the weekend, to reduce the token supply, the Shiba Inu team burned massive amounts of SHIB along with BONE and LEASH. As reported, 13.6 billion SHIB; The Shiba Inu team burned 19,550 BONES and 28,762 LEASHES over the weekend.
Additionally, the planned updates and integration of Shibarium into various platforms are positive for Shiba Inu. That said, SHIB could return to the top 10, riding the waves of market dynamics, but the potential is yet to be tapped.
