- Shiba Inu coin enters cryptoโs TOP 10, upsetting TRON for the 10th spot.
- Exchange reserves are slimming as SHIB custodians turn to DeFi wallets.
- With most SHIB holders now in profit, the SHIB price retests its yearly high.
Dogecoin (DOGE) and Shiba (SHIB) have dominated the ongoing bull rally. Both recorded over 55% gains in 7 days, accompanied by tremendous volumes on both the Spot and Derivatives markets.
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On Monday, Shiba Inu dethroned the popular altcoin Tron (TRX) for the 10th position in cryptoโs global ranks by market cap. Shockingly, Shiba Inuโs daily trading volume of $7.2B on Spot exceeded Tronโs volume by nearly nine times.
Hereโs How Shiba Crypto Unseated Tron
Blazing past $0.000028, Shiba secured a new three-month high, adding another 8% to its long-week bull rally. SHIB inked 64.8% gains over the past seven days, up to a 200% upswing Year-To-Date (YTD). Sporting a $16.55 billion market cap, SHIB outpaces TRX by over $2 billion, coming to a less than $5 billion distance from Cardano (ADA).
The post-election upswing puts over 72% of todayโs SHIB custodians at a profit, leaving a minority of 25% of holders in the red. Suppose SHIB’s price tackles the $0.00003 resistance bubble. In that case, thereโs a potential sell wall of 16.09 trillion coins across 133.64K crypto wallets, a critical ground for SHIB to claim on the way to reclaiming the yearly heights of $0.000044.
Can SHIB Price Hit New Yearly Heights?
This Bitcoin-led bull cycle has been nothing short of fun for SHIB, partly due to SHIBโs high price correlation with the flagship digital asset. As Bitcoin scored another all-time high of $86,586.96 in the late evening of November 11, 2024, International Singles Day couldnโt decouple SHIB from its ultra-high correlation with DOGE, the largest meme coin across the markets.
Dogecoin grew by 25% on Monday, clinching a triple-digit growth in the latest seven-day period. While SHIB tacked on 62% gains in the same time frame, the return of crypto whales could provide autonomous buy strength, as the daily large transactions soared by 5%, according to the real-time IntoTheBlock data.
Aside from the rising whale activity, 12.55% more Shiba Inu custodians are relieved to be the winning side with their Shiba Inu coins. Tthe network growth decline marks an indecisive sentiment for retail traders, even though Shiba Inuโs Shibarium Layer-2 chain secured a new record in total value locked (TVL), now at $4.47M, according to DefiLlama.
On the Flipside
- Over the past 24 hours, over $1.42 million worth of Shiba crypto has left crypto exchanges after members of the Shiba crypto executive team urged the holders to take full control of their SHIB assets by relocating them to the DeFi space rather than a major centralized crypto exchange.
Why This Matters
Shiba Inu coin becomes the second meme asset in cryptoโs TOP 10 by market capitalization, testifying a landmark change in crypto trader behavior.
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