The market cap of Shiba Inu (SHIB) surpassed that of Avalanche (AVAX) today, following a 7% price increase over the past 24 hours. This development means that the Shiba Inu cryptocurrency now has a market capitalization of $10.98 billion, making it the 12th most valuable cryptocurrency on the market.
However, if the SHIB price continues to rise, the position could be higher. But will it happen?
Shiba Inu eyes Cardano spot after overtaking AVAX
Over the weekend, the Shiba Inu’s market cap was less than $10 billion, while its price hovered around $0.000016. Market capitalization is the product of supply and circulating price. Today, SHIB price climbed above $0.000018, indicating that the increase in value contributed to this reversal.
AVAX, on the other hand, did not see a notable price increase, allowing the meme coin to easily climb above the smart contract platform’s native token.
According to IntoTheBlock, the cryptocurrency was able to climb this way due to a decline in selling pressure. For example, coin holding time has increased by 30% in the last seven days.
Holding period refers to the period of time a cryptocurrency has been held without being traded or potentially sold. When it goes down, it means holders are selling. Since it is the other way around, this means that the holders have refrained from liquidating their assets.
Learn more: 6 Best Platforms to Buy Shiba Inu (SHIB) in 2024
If this continues, it could put upward pressure on the SHIB price. The Shiba Inu’s social dominance is another factor that could influence its further earning potential.
In this context, social dominance measures the share of discussions related to SHIB compared to other cryptocurrencies on social media platforms. An increase in social dominance often correlates with increased investor interest, which can help fuel demand and drive up prices.
On the other hand, a decrease does the opposite, because it indicates a decline in conversations around a token. For SHIB, if social engagement continues to advance, it could attract new investors and provide impetus for further price growth.
SHIB Price Prediction: Token Targets $0.000026
On the daily chart, Shiba Inu price managed to break out of a symmetrical triangle pattern. A symmetrical triangle pattern forms when price movements create a horizontal line along the swing highs and an ascending trendline along the swing lows. This trend reflects a period of consolidation, as buyers and sellers struggle for control, resulting in a narrowing trading range.
Therefore, this breakout often signals the possibility of a continuation in the direction of the breakout, suggesting that SHIB may experience further upward movement.
However, SHIB will need to avoid falling back into the channel to avoid invalidating this bullish setup. If the bulls defend this pattern, the token’s price could surge as high as $0.000020.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
In a very bullish situation, it could rise to $0.000026 and likely push Shiba Inu’s market cap above Cardano (ADA). However, if the price fails to rise above the $0.000020 resistance, the price could return to $0.000014.
Disclaimer
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