Shiba Inu (SHIB) tops a prestige ranking after its latest price hike: details

TL;DR

Shiba Inu (SHIB) saw a significant price increase earlier this week, briefly overtaking Cardano (ADA) in market cap and becoming a major trend in the crypto community. However, its price soon fell amid a general market correction. SHIB’s latest achievement

The price of Shiba Inu (SHIB) rose by double digits on May 29, becoming one of the best performers in the sector. Its market capitalization temporarily surpassed the $17 billion mark, and the asset briefly overthrew Cardano (ADA) to become the eleventh largest cryptocurrency.

The rally could be one of the reasons why the self-proclaimed Dogecoin Killer (DOGE) topped a key ranking. According to market intelligence platform Santiment, SHIB became the trending cryptocurrency, sharing the top spot with another meme coin: dogwifhat (WIF).

Despite this success, the firm cautioned about the infamous volatility of these assets, arguing that traders “can expect to see huge FOMO peaks and FUD bottoms.”

SHIB’s resurgence has indeed been short-lived, with its price falling 7% (according to CoinGecko data) in the past 24 hours. Its market capitalization dipped below $16 billion, making the asset the 12th largest in the crypto industry.

It’s worth noting that Shiba Inu isn’t the only coin in the red today, with the entire market bleeding at one point. Bitcoin (BTC) fell to $67,100 but bounced back quite positively, while Ethereum (ETH) fell to around $3,700 before returning to $3,800.

The situation in the realm of meme coins is even worse. Pepe (PEPE), Floki Inu (FLOKI) and Bonk Inu (BONK) are among the poorest performers, with double-digit losses.

SHIB’s next possible target

Although the second largest meme coin in terms of market capitalization is among the hottest topics in the crypto space, it also often becomes the subject of price predictions. One such prediction comes from early Bitcoin (BTC) investor Davinci Jeremie.

Earlier this week, he envisioned that SHIB’s value could break above the $0.000025 or $0.00003 resistance zones and rise “all the way” to $0.00006, an increase of 130% compared to the current level.

This is not the first time he has touched the witness stand. In March, he stated that SHIB is a digital asset that investors should have exposure to.

Davinci Jeremie is a well-known individual throughout the crypto community, who often highlights the merits of BTC. More than a decade ago, he urged people to invest just $1 in the leading digital asset, explaining the possibility of astronomical price increases in the future.

Looking at an important metric

Chain indicators related to the Shiba Inu ecosystem should also be considered when figuring out the next move of the asset. An example is the market value to realized value (MVRV), which indicates whether SHIB is overvalued or undervalued.

The ratio of the metric above one indicates that the market value is higher than the realized value, suggesting that investors are taking profits and that the asset could be overvalued, leading to a possible price correction. The latest data shows that SHIB MVRV stands at 1.43.

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