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A popular cryptocurrency, Shiba Inu (SHIB), witnessed a 16% price increase and surpassed Cardano (ADA) in market value. Shiba Inu’s marketing leader Lucie highlighted this development on social media and praised the recent rise in SHIB prices.
Market Value of SHIB
This shift indicates a significant change in the dynamics of the cryptocurrency market, especially in the ranking of major cryptocurrencies. Additionally, the SHIB meme token has secured the 10th position in the crypto ranking by market value. As of today, Shiba Inu’s market value stands at approximately $16.82 billion, surpassing Cardano’s market value of around $16.5 billion. The increase in SHIB’s market value is attributed to a combination of factors such as growing investor interest, strategic partnerships, and recent technological advancements.
Lucie released a video suggesting that the SHIB price has a very bullish trend in the future. This point may indicate that SHIB is poised for further growth, thanks to strong market sentiment and technical indicators. During the March 2024 rally, Shiba Inu had surpassed Cardano. However, within a month, ADA reclaimed its position due to a significant bearish trend that led to substantial losses in SHIB’s price. The recent rise, however, compensates for this.
Shiba Inu price increased by about 16% today, breaking away from the $0.000025 resistance level and surpassing the $0.000028 threshold. This suggests that SHIB could reach the next target of $0.00003, which could be a significant milestone. On Wednesday, May 29, when the news was published, Shiba Inu’s price rose by 15.93% to $0.00002867.
SHIB Futures
Additionally, SHIB’s trading volume increased by 96.60% in the last 24 hours, reaching $1.95 billion. Furthermore, according to Coinglass, short position holders dominated liquidations with a massive $1.04 million liquidation. These traders are expected to buy back their positions to mitigate losses from the recent price increase.
Therefore, the buying pressure could further increase the SHIB price, but the risk of an impending drop is also higher. Investors need to approach cautiously. However, the open interest in SHIB futures rose by 32.51% to $120.80 million, indicating renewed interest among derivative investors.
