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Shiba Inu (SHIB) Sees Bullish Spike, Overtakes Cardano in Market Cap

Shiba Inu (SHIB) Sees Bullish Spike, Overtakes Cardano in Market Cap

  • Shiba Inu (SHIB) saw a major price jump, rising by 18% to $0.00002933.
  • SHIB surpasses Cardano in market cap, ranking as the 10th largest crypto.

Shiba Inu (SHIB) has displayed a significant price increase following a month-long period of consolidation. The meme coin surged over 18%, overtaking Cardano (ADA) in market cap. Lucie, the marketing lead for Shiba Inu, highlighted this development on social media, praising the recent price rally.

Over the past month, SHIB has traded between $0.000021 and $0.000025 amidst a generally slight bearish market condition. However, the past 24 hours have seen a remarkable 18% rally, bringing SHIB’s price to $0.00002933. This surge has propelled its market cap to $17.27 billion, positioning it as the 10th-largest digital currency. Shiba Inu’s daily trading volume also saw a significant 146% rise, exceeding $2.4 billion.

Further, Shibarium, a project that aimed to enhance Shiba Inu by reducing transaction fees and increasing speed, has seen steady growth since its launch last summer. Shibarium has exceeded 400 million total transactions and has undergone two major upgrades to improve user experience, support developers, and accelerate block processing times.

Shiba Inu (SHIB) Breaks Out Key Resistance

Today Shiba Inu showcased a bullish pattern by breaking the crucial $0.000026 resistance level reaching nearly $0.00002933. At the time of writing, SHIB had increased by 15.32% to $0.00002832. This upward trend suggests that SHIB might soon reach its next target of $0.00003, which will set a new trend for Shiba Inu.

Shiba Inu (SHIB) Price Chart (Source: TradingView)

Hence, the buying pressure could uplift the SHIB price more, however, the risk of an upcoming dump is also higher, due to the potential for a price correction

If SHIB fails to maintain its position above $0.000025, it could decline further to around $0.00002376. That would potentially trigger Shiba Inu to drop to a month-low of $0.00002087 and re-entering a bearish trend, which could see it fall to $0.000008374.

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