Shiba Inu (SHIB), the doge-meme-inspired ERC-20 token that powers the Shiba Inu web3 ecosystem, has been boasting a higher market capitalization than Tron (TRX) since mid-March.
This could be a result of the recent news that the US Securities and Exchange Commission (SEC) is taking action against the Tron blockchain’s founder Justin Sun for alleged securities fraud.
At present, Shiba Inu has a market capitalization of around $6.5 billion, whereas Tron’s is closer to $6.0 billion.
This makes Shiba Inu and Tron the 14th and 15th largest cryptocurrencies in the world by market capitalization respectively, according to CoinGecko.
Shiba Inu’s SHIB token is currently trading close to $0.000011, based on TradingView data from Coinbase.
The cryptocurrency has been fluctuating inside the $0.000010-0.00001170ish range since early March.
Forecasting Shiba Inu (SHIB) Price Movement – Could a Huge Price Pump be Coming?
The recent sideways trading behavior of Shiba Inu is taking place in tandem with the consolidation of major cryptocurrencies like Bitcoin.
Since a surge higher in mid-March, the world’s largest cryptocurrency has been trading around the $28,000 level.
This week’s US macroeconomic releases, such as the Consumer Price Index (CPI) data on Wednesday, US Producer Price Index (PPI) data on Thursday, US Retail Sales and Consumer Sentiment data on Friday, as well as the minutes of last month’s FOMC meeting on Wednesday, could provide the much-needed impetus to the crypto market.
The data is expected to show a decrease in both MoM and YoY price pressures, which could reduce the pressure on the Fed to be so aggressive with rate hikes.
Meanwhile, the retail sales and consumer sentiment reports could impact growth expectations, with more and more analysts predicting a recession in the US later in 2023.
If this week’s data and Fed events support the bear case for the US economy, that could weaken the US dollar and boost growth stocks and cryptocurrencies such as Shiba Inu.
SHIB bulls will be hoping that this leads to a breakout of the ascending triangle that the meme coin has been forming in recent weeks.
