Advertisement
AD

Main navigation

Shiba Inu Flips Toncoin as SHIB Price Shows First Sign of Rebound

Thu, 13/02/2025 - 11:39
Shiba Inu began to recover after four consecutive weeks of dropping
Advertisement
Shiba Inu Flips Toncoin as SHIB Price Shows First Sign of Rebound
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Dog-themed cryptocurrency Shiba Inu (SHIB) has reclaimed a higher spot in the crypto rankings, surpassing Toncoin (TON) in market capitalization as its price shows early signs of a potential rebound.

Advertisement

With a market capitalization of $9.68 billion, Shiba Inu has flipped Toncoin, securing 15th place among the top cryptocurrencies, according to CoinMarketCap data. Toncoin (TON), the native cryptocurrency of the Open Network, with a market capitalization of $9.24 billion, now ranks as the 16th largest cryptocurrency, a spot Shiba Inu previously held.

Article image
Crypto Rankings, Courtesy: CoinMarketCap

The shift in the rankings comes as SHIB begins to rebound from recent price declines. At the time of writing, SHIB was trading up 3.56% in the last 24 hours to $0.00001582, extending its recovery from Feb. 7 lows of $0.00001462.

Related

Advertisement

The price increase has helped boost SHIB's market cap, pushing it ahead of Toncoin, which had previously taken the lead. Toncoin (TON) was down 0.75% in the last 24 hours to $3.70 and down 5.45% weekly.

Shiba Inu shows first signs of rebound

Shiba Inu fell to a low of $0.0000154 in yesterday's session as the markets responded to hotter-than-expected inflation data, which showed January's Consumer Price Index rising 0.5% for the month and 3% from the previous year. The figures were higher than experts' expectations of 0.3% and 2.9%, lowering the likelihood of a rate drop by the U.S. Federal Reserve. However, the price reversed course, with Shiba Inu reaching highs of $0.00001734 before slightly retreating.

Article image
SHIB/USD Daily Chart, Courtesy: TradingView

In an earlier tweet this week, crypto analyst Ali noted that Shiba Inu might be showing signs of a potential rebound as the TD Sequential indicator flashes a buy signal on the weekly chart. After four consecutive weeks of declining, Shiba Inu hit bottom lows of $0.0000116 on Feb. 3 and flipped into the green. The rebound is sustaining this week, with SHIB up 4.72% weekly, per tradingview data.

For SHIB to sustain its upward momentum, it will need to break through key resistance levels - in this case, the daily SMA 50 and 200 at $0.0000199 and $0.0000192, respectively - and maintain strong buying pressure. Additionally, a broader market recovery might boost SHIB's price further.

Advertisement
Subscribe to daily newsletter

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD