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Shiba Inu (SHIB) seems to be one of the top altcoins capitalizing on the Bitcoin halving. The recent days have brought a notable double-digit increase in its value. This price increase has positioned SHIB as the 11th cryptocurrency by market value. If this trend continues, SHIB could surpass Cardano (ADA) and step into the top 10 list.
Will Shiba Inu Step into the Bull Market?
Bitcoin (BTC) has completed its fourth halving, after which altcoins saw a rise, with meme coins leading the gains. According to data provided by CoinMarketCap, SHIB has increased by more than 15% over the last seven days.
As of the time of writing, SHIB, the second-largest meme coin by volume in the cryptocurrency world, is trading at $0.00002672, with a market value exceeding $15.8 billion. This price and market volume increase have also boosted SHIB’s social visibility.
On the other hand, the overall sentiment around SHIB also appears positive. This could reflect a dominant bullish sentiment. After the recent bull rally, the market value gap between ADA and SHIB was calculated to be only $2 billion.
Following this approach, analyzing Shiba Inu’s metrics to assess the possibility of SHIB overtaking ADA and potentially becoming the 10th cryptocurrency seems like a prudent move.
An analysis based on data from Glassnode revealed that SHIB’s network-to-value ratio saw a rise on April 20th, followed by a decline. A decline in metrics could be interpreted as the asset being undervalued and could indicate a potential price rise in the coming days.
The Future of Shiba Inu
As SHIB’s price continues to rise, the buying pressure on it is also increasing. More notably, SHIB’s supply on exchanges decreased last week, while off-exchange supply has been increasing.
There has also been a noticeable increase in SHIB’s supply held by whales, indicating their confidence in SHIB. Considering the situation, it could be interpreted that major investors believe the meme coin has the potential to rise further.
While these developments are happening with SHIB, eyes are also on Bone Shibaswap (BONE). The rise in SHIB has not reflected on BONE.
BONE might have come under bear control in the last 24 hours. According to data from CoinMarketCap, the meme coin’s price has dropped by more than 2% within a day. As of the time of writing, BONE, with a market value of over $159 million, is trading at $0.6951.
