Shiba Inu’s (SHIB) return to the top 10 cryptocurrency list could be closer if the token maintains its seven-day momentum. The 10.36% increase over the past week suggests that SHIB could overturn Avalanche’s (AVAX) market value of $20.3 billion.
SHIB’s Social Dominance
The only indicator pointing to a possible reversal is not just the price. According to our analysis, other measures such as weighted sentiment and social dominance also imply the same. On-chain data from the cryptocurrency analytics firm Santiment shows that SHIB’s social dominance has risen to 1.675%. The data indicates that increased social dominance comes with further price increases for the meme token.
For example, the metric began to rise on March 1st. A few days later, it reached the highest level of the month, coinciding with the period when SHIB rose to $0.000040. If this trend repeats, Shiba Inu’s price could increase. In such a case, the movement could sustain a rising trend that would send the altcoin to $0.000037. SHIB’s weighted sentiment data showed a difference from AVAX’s. The metric evaluates the general mood of the market towards a cryptocurrency.
SHIB Demand Decreasing!
At the time of writing, SHIB’s sentiment had climbed to 0.586, which could indicate that market participants are expecting a rise in the token. However, the data is not at a level of greed that could mean a potential reversal. Therefore, further price increases could be a reasonable option. In the case of AVAX, the situation was not the same as the negative view persists. Such a situation could indicate that participants are pessimistic about price movements.
Therefore, the demand for the token could decrease, which could mean a price drop. If this trend in Shiba Inu and AVAX continues over the next few days, SHIB could displace AVAX from the 10th spot. However, if fear reaches extreme levels, AVAX could resist as it could trigger a rally for the cryptocurrency. If the rally in the altcoin occurs before SHIB takes over the position, the above prediction could be invalidated.
