Shiba Inu (SHIB) has regained its bullish momentum, entering the top 10 cryptocurrencies by market capitalization and displacing Cardano (ADA). Shiba Inu’s price surged by 16.4% in the past 24 hours, reaching $0.000028. This substantial price increase elevated SHIB to the 10th position in the global cryptocurrency rankings by market cap, reaching a valuation of $16.84 billion. Consequently, Cardano, which held the 10th position recently, slipped to 11th place with a market cap of $16.50 billion.
Reactions From The Shiba Inu Community
Shiba Inu’s ecosystem marketing lead, Lucie, highlighted this achievement in an X post. Additionally, prominent Japan-based Shiba Inu community member Kuro remarked on SHIB’s return to the top 10 spot.
For context, the last time SHIB entered the top 10 was on March 4, 2024. During that period, Shiba Inu’s price surged 177% in one week, hitting $0.000027. It continued to rally, eventually surpassing $0.000045 on March 5. However, intense selling pressure soon followed, causing SHIB to dip below $0.00002 in April.
Potential For Future Surges
The key question now is whether Shiba Inu can replicate its March performance and surge above $0.00004. Prior to its resurgence to the top 10, market analysts predicted that SHIB might experience a significant rally.
Related article: Shiba Inu’s Bullish Pennant Signals Potential 62% Surge
Popular crypto chartist Clifton projected that Shiba Inu could reach $0.00004048, following the emergence of a bullish pennant pattern on the asset’s daily chart. Presently, SHIB trades at $0.00002876, up 16.4% over the past 24 hours.
Related article: Shiba Inu (SHIB) Witnesses Significant Surge in Activity
Additionally, Shiba Inu’s 24-hour trading volume has increased by 98%, reaching $2.01 billion. The SHIB community remains optimistic about its future potential. Shiba Inu’s recent performance has propelled it back into the top 10 cryptocurrencies by market cap, overtaking Cardano.
The community and analysts alike are keenly watching to see if SHIB can sustain this momentum and achieve further price milestones.
