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After a remarkable 81% climb in under two weeks, Shiba Inu (SHIB) broke into the top 10 cryptocurrencies by market cap, reaching a peak valuation of $17.4 billion. However, a quick market pullback caused SHIB to lose ground, with Tron reclaiming its spot.
Shiba Inu Joins Top 10 Cryptocurrencies Amid Price Surge
With its recent ascent into the top ten biggest cryptocurrencies by market capitalization, according to CoinMarketCap (via U.Today), the meme-inspired cryptocurrency Shiba Inu (SHIB) caused quite a stir today. Prior to this, Tron (TRX) and Toncoin (TON) had long held that position.
Nevertheless, SHIB's price soared to $0.00003, and the popular cryptocurrency's market worth hit $17.4 billion, thanks to an 81% growth in the last nine days. As a result, it is currently ranked tenth among the ten largest.
Shiba Inu’s Brief Stay in the Top 10 Ends With Price Correction
The celebration for Shiba Inu enthusiasts did not last for very long, and as it turned out, the meme cryptocurrency gave way to Tron (TRX). This may be explained not by the success of the latter cryptocurrency, but rather by the correction of the price of SHIB itself.
The question of whether or not the Shiba Inu token will be able to return to this high appears to be one that is fraught with uncertainty.
Challenges Remain for SHIB to Reclaim Its March Highs
The meme-inspired coin's price may need to take a breather for a while because of this; right now, it hasn't even gotten close to its March highs, and it has another 80% to go from where it is now.
Shiba Inu tokens, on the other hand, still have 260% more to go until they reach the all-time high of $0.000088, which was established in October 2021. In that period, SHIB's market valuation reached a high of $43.51 billion.
We will have to wait and see if it's sufficient to crack the top 10 this time around.
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