- Buying pressure on Shiba Inu increased last week.
- Market indicators hinted at a continued price rise.
Shiba Inu [SHIB] displayed explosive growth over the last week as its value surged by double-digits. The rise in price made SHIB the 11th largest crypto by market capitalization.
If the trend continues, then SHIB might as well reenter the top 10 list by flipping Cardano [ADA].
Shiba Inu’s bull rally
After Bitcoin [BTC] finished its fourth halving, altcoins gained bullish momentum, with several meme coins capitalizing the most on the opportunity.
According to CoinMarketCap, SHIB was up by more than 15% in the last seven days.
At the time of writing, the second-largest meme coin was trading at $0.00002736 with a market cap of over $16.12 billion. Thanks to that, SHIB’s social volume spiked, reflecting its popularity in the crypto space.
Source: Santiment
Additionally, its weighted sentiment remained in the positive zone, which meant that bullish sentiment was dominant. With the latest bull rally, the difference between ADA and SHIB’s market caps dropped to just $2 billion.
Therefore, AMBCrypto analyzed Shiba Inu’s metrics to see the possibility of SHIB flipping ADA to become the 10th largest crypto.
Our analysis of Glassnode’s data revealed that SHIB’s network-to-value ratio registered a drop after spiking on the 20th of April. A drop in the metric means that an asset is undervalued, hinting at a price increase in the coming days.
Source: Glassnode
Shiba Inu going forward
We found that while SHIB’s price gained bullish momentum, buying pressure on it also increased. SHIB’s supply on exchanges dropped last week while its supply outside of exchanges increased.
Whales also showed confidence in SHIB as its supply held by top addresses increased. This suggested that the big players were hoping the meme coin’s price would rise further.
Source: Santiment
AMBCrypto then analyzed SHIB’s daily chart to see whether indicators also hinted at the meme coin’s bull run to resume. The technical indicator MACD displayed a bullish crossover.
Additionally, the Relative Strength Index (RSI) also moved northward. These indicators suggested that SHIB might soon register further price hikes, which could help it flip ADA and reenter the top 10 list.
Source: TradingView
Read SHIB’s Price Prediction 2024-25
While SHIB’s future looked optimistic, its ecosystem’s token, Bone ShibaSwap [BONE], went under bears’ control.
According to CoinMarketCap, the meme coin’s price had dropped by more than 1.8% in the last 24 hours. At press time, it was trading at $0.7207 with a market cap of over $165 million.