• Shiba Inu [SHIB] reached #1 Altrank and is close to entering the list of the top 10 cryptos by market cap after flipping Tron [TRX].
• SHIB’s performance on the social front surged considerably with a price uptick.
• Metrics such as exchange reserve, MVRV Ratio, and Open Interest are also suggesting that its value might increase further.
Shiba Inu’s Uptrend
Shiba Inu [SHIB] has displayed a bullish price trend for consecutive weeks, helping it once again achieve #1 Altrank. This uptrend has made it likely that it will soon enter the list of the top 10 cryptos by market cap after flipping Tron [TRX].
Price Pump
At press time, SHIB was trading at $0.00001089 with a market capitalization of over $6.4 billion. This surge in price was partially due to hype around Shibarium which is expected to launch this month.
Bullish Signals
Metrics such as exchange reserve, MVRV Ratio, and Open Interest are also suggesting that its value might increase further. The exchange reserve is declining, meaning that the memecoin is not under selling pressure. Additionally, SHIB’s open interest has been rising indicating that this uptrend may be sustained for longer.
TRX Price Action
While SHIB’s daily chart registered nearly double-digit growth, TRX remained passive at press time and was trading at $0.0619 with a market capitalization of over $4 billion making it the 10th largest crypto..
Conclusion
The metrics remain bullish on SHIB suggesting that it may flip TRON and breach into the top 10 in terms of market capitalization soon enough if its current momentum is sustained or even increased further.