Shiba Inu Price Prediction as SHIB Overtakes Tron Blockchain in Market Capitalization – Huge Price Pump Incoming?
Shiba Inu (SHIB), the dog-meme-inspired ERC-20 token that powers the Shiba Inu web3 ecosystem, has had a higher market capitalization than Tron (TRX), the cryptocurrency that powers the Tron blockchain protocol, since mid-March.
This partially reflects suppression of the TRX price owing to news last month that the US Securities and Exchange Commission (SEC) is going after the Tron blockchain’s founder Justin Sun over alleged securities fraud.
Shiba Inu last had a market capitalization of around $6.5 billion, while Tron’s was closer to $6.0 billion.
That makes the two cryptocurrencies the 14th and 15th largest in the world by market capitalization respectively, according to CoinGecko.
Shiba Inu’s SHIB token was last changing hands close to $0.000011, according to TradingView citing Coinbase exchange data.
The cryptocurrency remains well within the $0.000010-0.00001170ish ranges that have been dominant since early March.
Shiba Inu’s subdued trading conditions in recent weeks come in tandem with consolidation seen in other major cryptocurrencies such as Bitcoin.
Indeed, since a rapid spurt higher in mid-March, the world’s largest cryptocurrency by market cap has spent more than three weeks undulating either side of the $28,000 level.
But major upcoming US macro events this week could shift Bitcoin and the broader crypto market out of its slumber.
US Consumer Price Index (CPI) data is scheduled for release on Wednesday, followed by US Producer Price Index (PPI) data on Thursday and US Retail Sales and Consumer Sentiment data on Friday.
The minutes of last month’s FOMC meeting are also due on Wednesday, alongside a smattering of Fed policymakers orating throughout the week.
Last Friday’s solid US jobs data raised the implied odds of
Read more on cryptonews.com
