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The price of the popular cryptocurrency Shiba Inu (SHIB) posted its best weekly performance since April 15, with an increase of over 10% over the past seven days. In consequence of this development, the market capitalization of the popular meme-inspired cryptocurrency recovered to $10.18 billion, which allows it to occupy the 12th position in the ranking of the top cryptocurrencies, as published by CoinMarketCap.
Furthermore, this enables SHIB, which originated as a meme cryptocurrency, to outrank Avalanche (AVAX) in market rankings. AVAX is a comprehensive Layer-2 blockchain solution built on Ethereum.
What are the next steps for the Shiba Inu token? The current price of SHIB is reflected in the level of buying activity this week. However, further steps will depend on the Shiba Inu token surpassing a strong resistance level at $0.00001833.
If this occurs and the weekly candle closes above this price point, it will confirm the bullish bias for SHIB. This could further boost SHIB quotes to as high as $0.00003, where the next major resistance level is located.
As Shiba Inu continues to gain traction in the cryptocurrency landscape, market observers are closely monitoring its performance. With strong weekly gains and an eye on key resistance levels, the coming days will be crucial to see if SHIB can maintain its momentum and further solidify its ranking in such a competitive market.