Shiba Inu Surpasses Litecoin in Crypto Rankings
Shiba Inu (SHIB) has overtaken Litecoin (LTC) in the cryptocurrency rankings, rising to the fourteenth position. While SHIB remained stable at the $0.000008 support level, Litecoin hit a yearly low of $56, causing its market capitalization to drop below $5 billion.
Shibarium Mainnet Launch and Community Growth
Despite initial challenges with the Shibarium mainnet launch, SHIB bulls stayed optimistic during the recent crypto market downturn. This leapfrogging of Litecoin by Shiba Inu reflects the thriving community and increasing adoption globally. Shiba Inu has been expanding its presence in populous markets such as India and China, which could attract new demand and help it navigate industry headwinds.
Bullish Traders Defend Positions
On-chain data reveals that Shiba Inu bulls have been actively defending their positions. Currently, there are active orders to buy 1.5 trillion SHIB, surpassing the 1.2 trillion SHIB tokens available for sale. This shows the confidence and resilience of bullish Shiba Inu investors.
Firm Support at $0.000008
Despite the market downturn, SHIB continues to experience high demand, exceeding supply by over 300 billion tokens across exchanges. This suggests that SHIB’s price could remain stable at $0.000008 and maintain its position ahead of Litecoin in the crypto rankings. The In/Out of Money Around Price (IOMAP) data also indicates support for SHIB above the $0.000007 level.
Predictions for SHIB Price
Based on the on-chain statistics, it is likely that SHIB’s price will consolidate above the $0.000007 support level. The IOMAP data shows that a significant number of addresses have bought SHIB at the average price of $0.000008, providing further support. However, if industry headwinds persist, the bulls may need to create another buy-wall at $0.000007. On the other hand, if the market conditions improve, SHIB could rally back to $0.000010 and outperform Litecoin once again.
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