Shiba Crypto Flips TRON, Claiming TOP 10 Spot: Cardano Next?

Can Shiba Inu sustain its place in cryptoโ€™s global TOP 10 as the magnificent bull rally recoups meme coin dominance?

Shiba Inu on a hill peak land waving to us.
Created by Kornelija Poderskytฤ— from DailyCoin
  • Shiba Inu coin enters cryptoโ€™s 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 cryptoโ€™s global ranks by market cap. Shockingly, Shiba Inuโ€™s daily trading volume of $7.2B on Spot exceeded Tronโ€™s volume by nearly nine times.

Hereโ€™s 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 todayโ€™s 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, thereโ€™s 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 SHIBโ€™s 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 couldnโ€™t 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.

IntoTheBlock's key on-chain signals for Shiba crypto are evenly split between bullish and bearish.
Main on-chain signals are split equally between bullish and bearish on IntoTheBlock

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 Inuโ€™s 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 cryptoโ€™s TOP 10 by market capitalization, testifying a landmark change in crypto trader behavior.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaลกevskis is a DailyCoin Journalist, covering memecoins & latest developments. Tadas has moderate holdings in SHIB, HBAR, LTC, MATIC and a selection of low-cap meme currencies.

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