Shiba Inu (SHIB) has made its first bullish statement of the year as it soared past Toncoin (TON) with over $380 million in market capitalization. As per CoinMarketCap data, Shiba Inu registered a price spike of 11%, leading to an increase in its market cap.
Shiba Inu price surge pushes market cap above Toncoin
Notably, with the price increase, Shiba Inu has climbed to the 25th position with a market cap of $4.54 billion. The extra $380 million gained from the price increase was sufficient to edge out Toncoin, whose value sits at $4.16 billion.
The dog-themed Shiba Inu jumped from a low of $0.000007065 to hit a daily peak of $0.000007763 amid a supply squeeze on different exchanges. Around $200 billion of SHIB were withdrawn from exchanges as investors resumed accumulating the meme coin, likely in anticipation of a price reversal.
Additionally, the Shiba Inu ecosystem has triggered its internal deflationary burn mechanism. In the last 24 hours, over 173 million SHIB have been sent to dead wallets, further reducing the circulating supply. These measures supported price recovery for the meme coin, leading to its gains against Toncoin.
As of this writing, Shiba Inu changes hands at $0.000007661, which represents an 8.41% increase in the last 24 hours. The asset has also recorded a massive uptick in trading volume, with figures climbing by 64.18% to $156.39 million.
With Shiba Inu currently trading above the critical $0.00000722 price level, traders are optimistic of a potential breakout. Other bullish technical signals include the likelihood of a golden cross formation, even as the meme coin’s Relative Strength Index (RSI) at 55.75 shows room for further upside.
The ability of Shiba Inu to maintain this momentum and retain its position above Toncoin will depend on the broader meme coin sentiment and general market fluctuations.
Also, if the price continues on this trajectory, it could trigger profit-taking from short-term investors looking to secure gains.
SHIB’s rising open interest signals growing trader confidence
In the meantime, there has been a surge in open interest, suggesting that traders are betting on the meme coin’s growth.
As per data, Shiba Inu’s open interest surged by 20%, signaling new funds entering the market and committing to the asset’s future outlook.
There are speculations that the dog-themed meme coin is positioning for a major breakthrough. SHIB’s selling pressure has recorded a sharp decline, indicating that there is accumulation among market participants.
However, for Shiba Inu to sustain the current upward trajectory, the interest needs to stay consistent. Any downward move could reverse the gains already achieved in the last 48 hours.
Source: https://u.today/shiba-inu-flips-toncoin-as-price-rockets-11
