SHIB surging 16% allows Shiba Inu to retake its market cap’s top place
Despite yesterday’s inflation-driven market decline, cryptocurrencies managed to rebound in price by the end of the trading session, and SHIB was no exception. Moreover, strong price action allowed Shiba Inu to regain 14th place in CoinMarketCap’s top by market capitalization, displacing TRON (TRX).
After ending the first half of the day at minus 9.5% of the day’s opening price, SHIB gained more than 16% in the second half of the session. As a result, the capitalization of Shiba Inu managed to outpace the blockchain of freshly minted Huobi leader, Justin Sun’s TRON, by $13 billion to reach $5.74 billion.
That said, SHIB continues to trade at fairly low price levels, where it was previously in mid-September and in July. It is hard to say what will happen next for SHIB, which tested the lower end of its price range yesterday at $0.0000095. Perhaps the Shiba Inu token may continue to trade in a sideways pattern between that value and $0.000011.
BONE outperforms SHIB
In addition to the 24-hour SHIB price action, BONE, a native ShibaSwap token and part of the tokenomics of the Shiba Inu ecosystem, is also grabbing attention. BONE is currently up 8% and has already hit the 20% mark during the day.
Such a surge in the price of BONE can be attributed to Shibarium, the Layer 2 protocol of Shiba Inu, where BONE is a transactional gas fee. Although the exact release date of the much-anticipated SHIB blockchain is unknown, it is expected to launch shortly.l