Shiba Inu's Epic Surge: On Track to Rejoin Top 10 Cryptocurrencies

Shiba Inu (SHIB) surged over 15% last week, solidifying its position as the 11th largest cryptocurrency by market cap. Market indicators such as a bullish MACD crossover, increasing relative strength index, and decreasing network-to-value ratio suggest a continued price rise. SHIB's supply on exchanges declined while its off-exchange supply increased, indicating growing confidence among whales.

Shiba Inu's Bullish Charge: Poised to Rejoin the Top 10 Cryptocurrencies

The digital currency landscape has witnessed a surge in buying pressure for Shiba Inu (SHIB), propelling its value to new heights. Over the past week, SHIB has experienced an explosive growth trajectory, with its market capitalization soaring to over $16 billion. This remarkable ascent has elevated SHIB to the esteemed position of the 11th largest cryptocurrency globally.

Market indicators paint a bullish picture for SHIB, suggesting a continuation of its upward momentum. The recent halving of Bitcoin (BTC) has ignited a wave of bullish sentiment across the altcoin market, providing meme coins like SHIB with ample tailwinds.

According to data from CoinMarketCap, SHIB has surged by more than 15% in the last seven days. At the time of writing, SHIB is trading at $0.00002736, with its market capitalization surpassing $16.12 billion. This surge in value has garnered significant attention in the crypto space, reflected in SHIB's spiking social volume.

Furthermore, SHIB's weighted sentiment remains resolutely positive, indicating the dominance of bullish sentiment among investors. This positive sentiment has narrowed the gap between SHIB and Cardano (ADA) in terms of market capitalization, with a mere $2 billion separating the two.

An in-depth analysis of Shiba Inu's metrics by AMBCrypto reveals compelling evidence of SHIB's potential to eclipse ADA and regain its place among the top 10 cryptocurrencies. Data from Glassnode indicates a drop in SHIB's network-to-value ratio following a spike on April 20th. This drop signifies that SHIB is currently undervalued, suggesting a potential for price appreciation in the near term.

Moreover, buying pressure on SHIB has intensified alongside its price surge. SHIB's supply on exchanges has declined over the past week, while its supply outside of exchanges has increased, indicating a growing preference for long-term holding. Whales, the enigmatic denizens of the crypto world, have also expressed confidence in SHIB, as evidenced by an increase in the supply held by top addresses.

A technical examination of SHIB's daily chart provides further confirmation of its bullish trajectory. The Moving Average Convergence Divergence (MACD) indicator has registered a bullish crossover, while the Relative Strength Index (RSI) has embarked on a northward ascent. These technical signals suggest that SHIB is poised for further price increases, which could propel it past ADA and back into the illustrious top 10 cryptocurrencies.

However, despite SHIB's optimistic future, Bone ShibaSwap (BONE), the token that underpins the SHIB ecosystem, has succumbed to bearish forces. According to CoinMarketCap, BONE's price has declined by more than 1.8% in the last 24 hours. At press time, BONE is trading at $0.7207, with a market capitalization of over $165 million.

As Shiba Inu's meteoric rise continues, its journey serves as a testament to the transformative power of meme coins in the evolving digital currency landscape. With its strong community support, bullish technical indicators, and increasing whale confidence, SHIB stands poised to reclaim its place among the elite of the crypto world.