Shiba Inu (SHIB) Surges 10%, Overtakes AVAX in Crypto Rankings

Shiba Inu (SHIB) jumped 10%, AVAX overtakes in crypto ranking (Photo; Doc. Academy Binance)

JAKARTA - Crypto asset Shiba Inu (SHIB) has recorded its best weekly performance since April 15, with an increase of more than 10% in the past seven days. This achievement returned SHIB's market capitalization to 10.18 billion US dollars (around Rp164 trillion), placing it in 12th position in the crypto ranking according to CoinMarketCap.

This success also allowed SHIB, which initially emerged as a meme-based crypto asset, to outperform Avalanche (AVAX) in the market ranking. AVAX itself is a Layer-2 blockchain solution built on Ethereum.

Reported from U.Today, the current SHIB price reflects high buying activity this week. However, the next step will depend on Shiba Inu's ability to pass the strong resistance level at 0.00001833 US Dollars (around IDR0.30). If this happens and the weekly candle closes above that price point, it will confirm a bullish bias for SHIB. This could push SHIB price further up towards $0.00003, which is the next major resistance level.

As Shiba Inu continues to gain traction in the crypto landscape, market watchers are keeping a close eye on its performance. With strong weekly gains and focus on key resistance levels, the coming days will be crucial to see if SHIB can maintain its momentum and further strengthen its position in this highly competitive market.