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Today, the popular meme-inspired cryptocurrency Shiba Inu (SHIB) saw real excitement, namely with its position onn the cryptocurrency market – in its top echelons – as it climbed into the top 10 largest cryptocurrencies by market capitalization according to CoinMarketCap, where it had long given way to Tron (TRX) and Toncoin (TON).
However, with an increase of more than 81% over the past nine days, the price of SHIB reached a high of $0.00003, and the capitalization of the popular cryptocurrency, as a result, came to the mark of $17.4 billion. This places it, for the moment, in 10th place in a ranking of the 10 largest.
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The celebration for Shiba Inu enthusiasts did not last long, and as a result, the meme cryptocurrency gave way to Tron (TRX), which can be explained not by the success of the latter but by the correction of the price of SHIB itself.
Whether the Shiba Inu token will be able to return to this peak seems to be an ambiguous question.
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On the one hand, this may certainly require some cooling in the price of the meme-inspired coin; at this point, the price of SHIB has not even surpassed its March highs, to which it still has 80% to go from current levels.
On the other hand, to reach the historical high of $0.000088 set in October 2021, the Shiba Inu token has at least another 260% to go. At that time, SHIB’s capitalization peaked at $43.51 billion. Whether it will be enough this time to take its place in the top 10 remains to be seen.