In a fascinating development amidst the recent market recovery, Shiba Inu (SHIB), the second-largest meme cryptocurrency, has surpassed Avalanche (AVAX) in the ranking of the largest coins by market capitalization, securing the 12th position among assets.
The cryptocurrency market opened today with news of funds being moved from Mt. Gox’s cold wallets after five years of inactivity. This news led to selling pressure on Bitcoin (BTC), affecting most altcoins as well. In a noteworthy move in the cryptocurrency market, the defunct Bitcoin exchange, Mt. Gox, allegedly transferred at least 42,830 Bitcoin from its cold wallets, according to data from the Arkham Intelligence platform. This amount corresponds to approximately $2.9 billion.
However, SHIB managed to remain stable and experienced a significant increase while many cryptocurrencies are undergoing price retracements. This recent surge propelled Shiba Inu to overtake AVAX and approach the top 10 largest cryptocurrencies.
Currently, Shiba Inu has a market capitalization of $14,991,765,594, with Avalanche closely following at $14,644,843,705 in market value.
At the time of publication, the price of Shiba Inu was quoted at $0.00002608, with a 1.7% increase in the last 24 hours. Over the past seven days, the price of SHIB has increased by 2.1%.
Renowned cryptocurrency analyst Ali Martinez recently revealed in a technical analysis what the memecoin Shiba Inu (SHIB) needs to enter a 20% rally that could boost its price. The expert emphasized the importance of SHIB surpassing the upper boundary of the descending parallel channel at $0.00002444 to enter the rally.
“If Shiba Inu breaks the upper boundary of this descending parallel channel at $0.00002444, $SHIB could witness a 20% rally to $0.00002954!” he wrote.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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