The rise of Shiba Inu cryptocurrency pushed it ahead of Toncoin to rank 15th as its price suggests the market might be recovering.According to CoinMarketCap data Shiba Inu reached the 15th position among largest cryptocurrencies with its $9.68 billion market value. The Toncoin (TON) digital token held by the Open Network successfully moved from position 16 in crypto rankings after its market value fell to $9.24 billion.
The market valuation changes between Toncoin and SHIB now because SHIB is recovering after its previous price drops. The cryptocurrency market shows SHIB gaining 3.56% in value during the period from 24 to 48 hours with its current price at $0.00001582.
SHIB Surges Past Toncoin Amid Market Volatility Concerns
SHIB’s recent market surge let it pass Toncoin when Toncoin was ranking higher before that. Over the past day Toncoin lost 0.75% to reach $3.70 while its weekly decline reached 5.45%.
During the previous trading day Shiba Inu reached $0.0000154 because investors expected economic data that pushed prices across the entire crypto market lower. The Consumer Price Index for January revealed prices rose by 0.5% within the month and increased by 3% over a year which exceeded market predictions of 0.3% and 2.9%.
Market instability increased when the report showed no signs of a rate cut any time soon. SHIB made a sharp price movement by increasing to $0.00001734 before returning to its prior trajectory.
The crypto analyst Ali found indicators this week that indicate Shiba Inu has started its recovery path as shown by a TD buy signal on the weekly chart. After its four-week losing streak SHIB hit its bottom value at $0.0000116 on February 3 and then began increasing in price.
The market shows rising support as SHIB increased by 4.72% over the past week according to TradingView statistics. SHIB needs a strong buying momentum to push past its daily moving average 50 level of $0.0000199 and its moving average 200 barrier of $0.0000192 to stay on its upward path.
A market-wide increase would boost SHIB’s upward trend and create better conditions for additional growth during the next few weeks.
