Shiba Inu (SHIB) holders have something to cheer about as the meme coin is exhibiting bullish potential, as it has registered an uptick in the past 24 hours. This development has helped SHIB flip two other assets to claim 16th place in terms of ranking by market capitalization.
Shiba Inu reclaims ground despite rival gains
According to CoinMarketCap data, SHIB climbed by 3.09% to $0.00001255 in the last 24 hours, bringing its market cap to $7.39 billion.
Within the same time frame, Hedera (HBAR) surged by 5.23% to $0.1694, placing its market cap at $7.15 billion. Similarly, Sui (SUI) trades at $2.23, following a 6.77% rise in price, which took its market cap to $7.26 billion.
Despite the higher percentage upsurge in HBAR and SUI, it was not enough to stay ahead of Shiba Inu. This has left the two assets in 18th and 17th places, respectively.
SHIB’s recent upsurge came as the dog-themed meme coin bounced off its support toward the $0.00001280 level. However, it faced resistance after reaching $0.00001279 before settling at the current price.
Nonetheless, SHIB’s future price outlook holds promise as a spike in investors’ interest has accompanied the uptick. As of press time, the trading volume has risen by 52.52% to $147.11 million.
Can SHIB maintain momentum?
As U.Today reported, SHIB could lose another zero if the current positive momentum lingers. Notably, the price gains and renewed interest from holders could support the meme coin’s upward movement in the long term.
Additionally, the community has increased its burn activity, as the rate recently saw a staggering 3,277% increase. This led to the recent incineration of 881.35 million SHIB via the ShibTorch protocol.
The move signals a reawakening of community members determined to see SHIB rebound.
Market watchers believe SHIB’s rise to two places up the crypto market ranking could trigger more interest from potential investors. The coming days will tell.
