Shiba Inu Regains $4 Billion Market Cap: Can SHIB Eliminate Another Zero?

Shiboshis NFT

Shiba Inu has managed to stay ahead of Avalanche in terms of rankings since the beginning of this year. Nevertheless, AVAX did pose significant competition to SHIB on several occasions during the early months of 2023. In June, AVAX even temporarily surpassed SHIB in terms of ranking.

However, over the weekend, as asset prices experienced adjustments, another reshuffling occurred. With Shiba Inu’s total valuation crossing the $4 billion mark once again, the asset successfully regained its position at 17th place. This increase in valuation also allowed SHIB to surpass AVAX in ranking. Currently, there is a market cap difference of $310 million between the two assets.

However, it is important to highlight that there has been a decrease in the number of holders within the Shiba Inu ecosystem. CoinMarketCap data reveals that SHIB is currently held by only 1.275 million unique addresses, which is considerably lower than its peak of 1.31 million on June 10th.

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Furthermore, data from IntoTheBlock has unveiled a decline in network activity for Shiba Inu. The number of active addresses associated with SHIB has experienced a significant decrease of 88.97% in the past week. Additionally, the rate of new addresses joining the network has also been cut in half during this period.

Shiba Inu (SHIB) Price

Whenever the state of the network activity is not appealing, the price of any given asset finds it challenging to rise. However, the tale could be slightly different for SHIB this time. Buyers have been having an upper hand over sellers of late. As illustrated below, they’ve bought billions of excess tokens when compared to their counterparts over the past few hours.

Indeed, when comparing its recent low of $0.00000639 from a week ago, SHIB has already experienced an approximate 16% increase. Furthermore, SHIB has demonstrated a consistent series of upward green candles in recent days, indicating a growing interest in buying within the market.

If this current positive trend continues, it is possible to anticipate SHIB to move towards $0.00000920 in the coming days, provided it successfully overcomes its immediate resistance levels at around $0.00000747 and $0.00000834. However, in the event that bears regain control, a broader market correction occurs, or if the network activity for Shiba Inu further deteriorates, it is likely that the asset could decline to its support levels established in 2021, around $0.00000621 and $0.00000537.

shiba inu

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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