One of the most ambitious meme projects on the market may be about to enter the top 10 altcoin list. Currently, it is just a few billion dollars away from established cryptos like Solana and Polkadot.
Top 10 altcoin rankings changing: List can now host 2 meme tokens
Shiba Inu (SHIB), one of the most popular cryptocurrencies, has reached the 12th place in the market capitalization ranking, surpassing two major cryptocurrencies in an unprecedented move. According to data from CoinMarketCap, SHIB has surpassed Polkadot (DOT) and Litecoin (LTC) in market valuation after rising 21.80% in the last seven days. SHIB’s market cap has grown from nearly $6 billion in the past seven days to over $8 billion now.
At the beginning of the year, the market value of the Shiba Inu was approximately $4 billion. However, its volume has nearly doubled in the past five weeks as more investors jump on the SHIB train.
Whales chasing Shiba
The Shiba Inu community is eagerly waiting for the meme coin to enter the top ten list to be ranked alongside Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB). According to whale tracker WhaleStat, the 2,000 largest whales on the Ethereum network hold an average of over $700 million in SHIB tokens. cryptocoin.comAs you can see from , whales usually put the Shiba first when they see a potential rally.
🐳 The top 2000 #ETH whales are hodling
$727,739,819 $SHIB
$153,773,552 $BEST
$102,550,976 $MATIC
$94,613,897 $BIT
$84,201,090 $LOCUS
$68,626,729 $LINK
$67,695,939 $UNI
$62,601,680 $MANAWhale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/Nbx25oMD3L
— WhaleStats (tracking crypto whales) (@WhaleStats) February 5, 2023
The other factor that could support Shiba in its top 10 ways is the continuous token burning mechanism. ShibBurn, the website tracking the token burns, shows that almost half of the original supply of the Shiba Inu has been wiped out from circulation.
Currently, the total SHIB destroyed stands at over 410 trillion tokens worth about $6 billion at the current rate of $0.00001457 per token. However, the circulating supply of Shiba Inu still exceeds 572 trillion units.
How is the SHIB technically?
Shiba (SHIB) is expected to rally once it crosses the stiff resistance at $0.000017. IntoTheBlock data reveals that there is no significant resistance beyond the $0.00017 level. On-chain analyst Ali Martinez made this claim in a recent analysis, highlighting the strength of the resistance in the $0.000017 region.
Citing data from IntoTheBlock, Martinez pointed out that SHIB will face fierce resistance as it approaches $0.000017, which will test its strength. This is due to the concentration of buyers at the price level, as 93,000 addresses appear to have purchased 465 trillion SHIB at an average price of $0.000017.
https://twitter.com/ali_charts/status/1621884153822206273
However, if SHIB can beat the bears in the $0.0017 price zone, the next rally will sail without major resistance. It is worth noting that the last time SHIB was trading above $0.000017 was last May, before the Terra crash. However, analyst Martinez recently explained that SHIB has the potential to rally to $0.000017 long after an earlier highlighted bull pennant pattern was confirmed.
Altcoin bulls will target these levels after $0.000017 resistance
If the $0.000017 zone is reclaimed, the bulls could display more strength above this level. On the other hand, although SHIB could find resistance between $0.000026 and $0.000039, opposition in this price range is seemingly minor. In fact, data from IntoTheBlock’s GIOM reveals that the Shiba Inu will not face any major resistance up to the $0.000131 level.
