Shiba Inu (SHIB) reclaims 16th spot as meme coin exhibits bullish potential

Shiba Inu (SHIB) holders have something to cheer about as the meme coin is exhibiting bullish potential, as it has registered an uptick in the past 24 hours.

Shiba Inu (CRYPTO: SHIB) price registered an uptick of 3.09% in the past 24 hours, which helped the meme coin flip two other assets to claim the 16th spot in terms of ranking by market capitalization.

At press time, SHIB is trading at $0.00001255, and it has a market cap of $7.39 billion.

On the other hand, Hedera (CRYPTO: HBAR) is up by 5.23% to $0.1694, which places its market cap at $7.15 billion. Similarly, Sui (CRYPTO: SUI) trades at $2.23, following a 6.77% rise in price, that took its market cap to $7.26 billion.

However, despite the higher percentage up surge in HBAR and SUI, it was not enough to stay ahead of Shiba Inu. This has left the two assets in 18th and 17th places, respectively.

Shiba Inu price is making gains despite the strong competitive pressure from other cryptocurrencies. Image Credit: Benzinga

SHIB’s recent uptick began as the dog-themed meme coin bounced off its support toward the $0.00001280 level. But it faced resistance after reaching $0.00001279 before settling at the current price.

Nonetheless, SHIB's future price outlook holds promise as a spike in investors' interest has accompanied the uptick. As of press time, the trading volume has risen by 52.52% to $147.11 million.

Can SHIB maintain momentum?

As U.Today reported, SHIB could lose another zero if the current positive momentum lingers. Notably, the price gains and renewed interest from holders could support the meme coin's upward movement in the long term.

Additionally, the community has increased its burn activity, as the rate recently saw a staggering 3,277% increase. This led to the recent incineration of 881.35 million SHIB via the ShibTorch protocol.

The move signals a reawakening of community members determined to see SHIB rebound.

Market watchers believe SHIB's rise to two places up the crypto market ranking could trigger more interest from potential investors. The coming days will tell.