Shiba Inu outshine MATIC in market capitalization after 23% rally
According to data from CoinMarketCap, the Shiba Inu has overtaken Polygon (MATIC) to rank 13th in terms of market capitalization. With a current market valuation of $17.49 billion, the Shiba Inu is now the 13th largest cryptocurrency, ahead of MATIC’s market cap of $17.18 billion.
The struggle among the top cryptocurrencies for 13th place intensified on 12 January as MATIC surpassed the Shiba Inu in terms of market valuation.
$shibo And $matic Struggling for 13th place in the rankings, which dog will come out on top?
— Lark Davis (@TheCryptoLark) 13 January 2022
As previously reported by U.Today, MATIC had previously flipped the Shiba Inu after a 16% rebound. The community rejoices at the news of the much awaited Plonky 2 launch and the schedule for the much awaited London Hard Fork mainnet launch.
At the time of writing, Polygon Blockchain’s native asset MATIC, trades at $2.41 and ranks as the 14th largest cryptocurrency according to CoinMarketCap.
The Shiba Inu has rebounded almost 23% from a low of $0.000026 on January 11 to an intraday high of $0.00003290 on January 13. The recovery of the Shiba Inu is in line with the altcoin market; As U.Today previously reported, the Robinhood listing rumors may have contributed.
The Shiba Inu continues the trend of exchange listings that began in late 2021. According to a recent announcement, Shiba Inu deposits are now available for trading on Indian cryptocurrency exchange Giotus. Earlier, Shiba Inu had seen listings by major Indian exchanges like Unocoin, ZebPay and CoinDCX.
shiba inu price action
The Shiba Inu presents a dip-buying opportunity, as it is slightly above the key level, where it rose nearly 220% at the end of October 2021. Where the Shiba Inu goes next remains inconclusive, and a slightly upward sloping RSI may suggest a bounce. In the near term but with more opportunities for consolidation or sideways trading.
On the upside, a resistance level is hypothesized at $0.000035, which could lead SHIB to climb up to $0.000055. Alternatively, downside support is seen at $0.0000255.
According to CoinMarketCap, at the time of publication, SHIB was changing hands at $0.00003194, up 12.02% over the past 24 hours.