SHIB surging 16% allows Shiba Inu to retake its market cap’s top place

Despite yesterday’s inflation-driven market drop, cryptocurrencies, including Shiba Inu (SHIB), managed to recover in price at the close of the trading session. Furthermore, Shiba Inu reclaimed the 14th spot in CoinMarketCap’s top ten by market capitalization, replacing TRON (TRX).

Shiba Inu (SHIB) Retakes Its Market Cap Top Position with a 16% Surge

SHIB gained more than 16% in the second half of the session after concluding the first half of the day at a loss of 9.5% of the day’s beginning price. Consequently, Shiba Inu’s capitalization surpassed that of newly minted Huobi leader Justin Sun’s TRON by $13 billion, reaching $5.74 billion.

Nonetheless, SHIB continues to trade at relatively low levels, as it did in mid-September and July. It is difficult to predict what will happen next for SHIB, which yesterday tested the bottom end of its price range at $0.0000095. Perhaps the Shiba Inu coin will continue to trade sideways between that amount and $0.000011.


SHIB/USD 4-hour chart | Source: TradingView

In addition to the 24-hour SHIB price activity, BONE, a native ShibaSwap token and part of the Shiba Inu ecosystem’s tokenomics, is gaining traction. BONE is presently up 8% and has already surpassed the 20% level for the day. Shibarium, Shiba Inu’s Layer 2 protocol, where BONE is a transactional gas tax, is responsible for the price increase. Although the precise release date of the much-anticipated SHIB blockchain is uncertain, it is likely to occur soon.

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