Shiba Inu (SHIB) has made an unexpected comeback and has once again entered the top 20 cryptocurrencies by market capitalization, largely influenced by the overall market growth driven by Ethereum.
SHIB's Return to Top 20
Shiba Inu (SHIB) has made a notable return, re-entering the top 20 cryptocurrencies. It currently occupies this position after a recent drop that occurred last week.
Price Dynamics of SHIB
At present, SHIB has recovered some of its losses, although it is still down about 7% over the last week. The recent dip pushed SHIB into a crucial demand zone located between $0.00001150 and $0.00001270, which has served as a key accumulation area since late June. Following this, the price bounced off this zone again.
Impact of Ethereum on SHIB
The rise of Ethereum, which is currently trading at around $3,835, has significantly impacted the altcoin ecosystem, including SHIB. This is related to the fact that SHIB's infrastructure is built on Ethereum. While SHIB's fundamentals haven’t changed much, the market context has become more optimistic, giving the meme-inspired coin an opportunity for growth.
Shiba Inu's return to the top 20 cryptocurrencies emphasizes the importance of context and overall market sentiment. Market participants are starting to show renewed interest in riskier assets.
