The Shiba Inu (SHIB) price gained traction in the past week as investors flocked to the dog-themed token. Drawn by the allure of the "meme season," buyers pushed SHIB to highs of $0.00004575 on March 5.
Shiba Inu achieved a 300% gain in days, propelling it into the top 10 cryptocurrencies by market value and solidifying its position as a prominent player in the crypto industry.
However, SHIB has recently witnessed profit-taking, dropping out of the top 10 cryptocurrencies by market capitalization.
SHIB is currently ranked 11th in the cryptocurrency rankings, with a market capitalization of over $19.08 billion. Avalanche jumped to 10th place in market capitalization after a spectacular 15% increase, bringing its market capitalization to $20.3 billion.
While SHIB may have temporarily lost its place among the top 10 cryptocurrencies, all hope is not lost for the project. At the time of writing, SHIB was up 0.15% in the last 24 hours to $0.00003239, suggesting that the token may be on its way back up.
A potential recovery for SHIB might target the $0.000038 level, which, if successfully breached, according to crypto analyst Ali, might lead to a 40% breakout to the $0.000052 level.
With a potential recovery in sight, Shiba Inu would need to add more than $1.5 billion to its market capitalization to clinch a slot in the top 10, based on the current market cap disparity between it and Avalanche, which is ranked 10th.
Over the weekend, to reduce the token supply, the Shiba Inu team burned massive amounts of SHIB alongside BONE and LEASH. As reported, 13.6 billion SHIB; 19,550 BONE and 28,762 LEASH were burned by the Shiba Inu team over the weekend.
Furthermore, planned updates and the integration of Shibarium into several platforms are positive for Shiba Inu. That said, SHIB might return to the top 10, riding the waves of market dynamics, but the potential remains to be fulfilled.