• Buying pressure on Shiba Inu increased last week.
• Market indicators hinted at a continued price rise. 

Shiba Inu [SHIB] displayed explosive growth over the last week as its value surged by double-digits. The rise in price made SHIB the 11th largest crypto by market capitalization.

If the trend continues, then SHIB might as well reenter the top 10 list by flipping Cardano [ADA]. 

Shiba Inu’s bull rally

After Bitcoin [BTC] finished its fourth halving, altcoins gained bullish momentum, with several meme coins capitalizing the most on the opportunity.

According to CoinMarketCap, SHIB was up by more than 15% in the last seven days.

At the time of writing, the second-largest meme coin was trading at $0.00002736 with a market cap of over $16.12 billion. Thanks to that, SHIB’s social volume spiked, reflecting its popularity in the crypto space.

Additionally, its weighted sentiment remained in the positive zone, which meant that bullish sentiment was dominant. With the latest bull rally, the difference between ADA and SHIB’s market caps dropped to just $2 billion.

Therefore, AMBCrypto analyzed Shiba Inu’s metrics to see the possibility of SHIB flipping ADA to become the 10th largest crypto.

Our analysis of Glassnode’s data revealed that SHIB’s network-to-value ratio registered a drop after spiking on the 20th of April. A drop in the metric means that

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Author: Dipayan Mitra

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