- SHIB and TRX’s market caps had a difference of $500 million.
- Metrics remained bullish on SHIB, suggesting a price pump.
For consecutive weeks, Shiba Inu [SHIB] has displayed a bullish price trend, helping it once again achieve #1 Altrank. Looking at the memecoin’s price action, it seemed likely that it would soon enter the list of the top 10 cryptos by market cap after flipping Tron [TRX].
Realistic or not, here’s SHIB market cap in BTC’s terms
While SHIB’s daily chart registered nearly double-digit growth, TRX, on the other hand, remained passive.
Shiba Inu’s pump was unstoppable
LunarCrush’s recent tweet pointed out that its performance on the social front surged considerably. This happened along with a price uptick, making SHIB the top crypto in terms of Altrank.
The strength continues on $SHIB!
?Current #1 LunarCrush AltRank™
Pprice: $0.00001044 +20.57%
Social engagements: 1.27B +22.58%
Trending social mentions: 33.75K +99.12%
Top weekly influencers: @shibtoken @army_shiba @ShibInfoView insights at https://t.co/6W0wq2E3OJ #shibainu https://t.co/p0WajQ1KJI pic.twitter.com/Ek1RcC6BC7
— LunarCrush (@LunarCrush) August 11, 2023
According to CoinMarketCap, SHIB’s price had risen by more than 20% and 9% over the last seven days and last 24 hours, respectively. At press time, it was trading at $0.00001089 with a market capitalization of over $6.4 billion, making it the 11th largest crypto.
One of the major driving forces behind this surge is undoubtedly the hype around Shibarium, which is expected to launch this month.
A look at SHIB’s metrics suggested that its value might increase further. For instance, its exchange reserve was declining, meaning that the memecoin was not under selling pressure.
Source: CryptoQuant
Additionally, thanks to the price uptick, Shiba Inu’s MVRV Ratio shot up over the last few days. Another bullish signal was SHIB’s Open Interest. As per Santiment’s chart, SHIB’s open interest was rising. A hike in the metric indicates that the on-going price trend will continue longer.
Source: Santiment
TRX, which at press time was the 10th largest crypto, did not show bullish price action. CoinMarketCap’s data revealed that its price only moved marginally over the last few days. In fact, TRX and SHIB only had a difference of $500 million.
Considering SHIB’s bullish price action and the positive metrics, the possibility of SHIB flipping TRX seemed likely to happen in the days to follow.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
A check on Shiba Inu ecosystem tokens
The Shibarium hype was not only helping SHIB, but also supporting the rest of the tokens in the ecosystem. For instance, Bone ShibaSwap [BONE] also managed to push its price up by more than 4% in the last 24 hours.
At press time, it was trading at $1.70 with a market cap of over $391 million. Doge Killer [LEASH] also behaved similarly to the other two tokens, as its price shot up by 6% in the last 24 hours, trading at $594.63 at the time of writing.
