Dog-themed cryptocurrency Shiba Inu (SHIB) has reclaimed a higher spot in the crypto rankings, surpassing Toncoin (TON) in market capitalization as its price shows early signs of a potential rebound.
With a market capitalization of $9.68 billion, Shiba Inu has flipped Toncoin, securing 15th place among the top cryptocurrencies, according to CoinMarketCap data. Toncoin (TON), the native cryptocurrency of the Open Network, with a market capitalization of $9.24 billion, now ranks as the 16th largest cryptocurrency, a spot Shiba Inu previously held.
Crypto Rankings, Courtesy: CoinMarketCap
The shift in the rankings comes as SHIB begins to rebound from recent price declines. At the time of writing, SHIB was trading up 3.56% in the last 24 hours to $0.00001582, extending its recovery from Feb. 7 lows of $0.00001462.
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The price increase has helped boost SHIB's market cap, pushing it ahead of Toncoin, which had previously taken the lead. Toncoin (TON) was down 0.75% in the last 24 hours to $3.70 and down 5.45% weekly.
Shiba Inu shows first signs of rebound
Shiba Inu fell to a low of $0.0000154 in yesterday's session as the markets responded to hotter-than-expected inflation data, which showed January's Consumer Price Index rising 0.5% for the month and 3% from the previous year. The figures were higher than experts' expectations of 0.3% and 2.9%, lowering the likelihood of a rate drop by the U.S. Federal Reserve. However, the price reversed course, with Shiba Inu reaching highs of $0.00001734 before slightly retreating.
SHIB/USD Daily Chart, Courtesy: TradingView
In an earlier tweet this week, crypto analyst Ali noted that Shiba Inu might be showing signs of a potential rebound as the TD Sequential indicator flashes a buy signal on the weekly chart. After four consecutive weeks of declining, Shiba Inu hit bottom lows of $0.0000116 on Feb. 3 and flipped into the green. The rebound is sustaining this week, with SHIB up 4.72% weekly, per tradingview data.
For SHIB to sustain its upward momentum, it will need to break through key resistance levels - in this case, the daily SMA 50 and 200 at $0.0000199 and $0.0000192, respectively - and maintain strong buying pressure. Additionally, a broader market recovery might boost SHIB's price further.
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