The cryptocurrency landscape has witnessed a notable shift with the meme coin phenomenon cooling down, leading to a significant repositioning within the market rankings. In particular, Shiba Inu has been dethroned from its top 10 status, with Avalanche (AVAX) taking over. The transfer of substantial assets to exchanges by prominent investors, or ‘whales’, marked the end of the soaring popularity of meme coins, with Shiba Inu bearing the brunt of this change.
Market Shift Sees AVAX Overtake SHIB
The shift in market dynamics saw AVAX’s value surge by 15%, surpassing many alternative cryptocurrencies (altcoins) that are currently experiencing a pullback. This increase has led to a market value gap of around $2 billion between AVAX and Shiba Inu, cementing AVAX’s position as the tenth-largest cryptocurrency by market cap.
On the technical front, Shiba Inu’s price charts form a triangular pattern, typically indicating a potential downtrend. Traders are closely monitoring key price thresholds, with a decisive move above $0.00003695 or below $0.00003000 set to confirm the coin’s next direction.
Technical Indicators Suggesting a Potential Dip for SHIB
Technically, the Relative Strength Index (RSI) for Shiba Inu signals waning momentum, hinting at a possible decline if it crosses below the 70-level threshold. Additionally, the Awesome Oscillator (AO) corroborates the bearish sentiment by displaying dominant red bars, further suggesting an impending sell-off.
Conversely, the price level around $0.00003000 might present a buying opportunity for investors, potentially marking a pivotal point for Shiba Inu’s next upward trajectory.
Crypto.com Enhances Support for Shiba Inu
In the meanwhile, a notable development for Shiba Inu comes from the cryptocurrency exchange Crypto.com. The platform has elevated the meme coin’s profile by featuring it in the title of its mobile app alongside Bitcoin and Ethereum. This change is reflected in major app stores, signifying the growing prominence of Shiba Inu in the crypto exchange domain.