SHIB dropped DAI from its seat after its latest rise, moving up to 12th place in the ranking determined by market capitalization.
Attracting the attention of the world, SHIB has managed to surpass stablecoin service provider Dai. Starting the day with a bullish run, it reached a market cap of approximately $6.6 billion. According to instant data, Dai’s value is close to 6.5 billion dollars.
Why is SHIB Rising? What Caused Shiba’s Rise?
SHIB, which has taken its place on the agenda with the improvements it will create in its ecosystem, has won the appreciation of users with the SHIB Eternity it has announced recently. The popular token aims to reduce its circulating supply with various burns to be made and new projects to be launched.
SHIB Eternity, a gaming platform, announced to its community that it will be released soon. With this upcoming game, it is expected that price stability will be maintained in an upward direction. The popular token, which has risen to a very serious position according to market value analysis, aims to reduce the circulating supply. The burning rate of 5 percent, which is planned to be realized thanks to the game platform, will also positively affect the market value.
The game platform and burn planning, where users show great interest, cause a price increase for SHIB. Thanks to the developments to be experienced in the coming days, it is predicted that the token value will increase regularly.
Shiba Chart Analysis, Will the Uptrend Continue?
The popular token SHIB has achieved price stability thanks to its announced gaming platform and burn planning. It is claimed that it will continue to rise in the coming days as the metrics evolve towards buying and crypto bulls show great interest.
According to the AMBCrypto analysis, it is predicted that the excessive selling pressure experienced before the developments is positive and that a rise may occur in the near future. Underlining that especially bulls will emerge, the organization claimed that the trend of the token in social media will also be effective.
It is claimed that the $0.00001300 resistance determined by analysts will be broken soon. According to AMBCrypto, based on chart analysis, a new SHIB rally could begin once the resistance level is overcome. A possible bear market is not expected for the token, whose support level is well above $0.00000120.
Competition of SHIB and DOGE
The world’s first meme token, DOGE, had a strong rise in the past bull cycle. However, the project’s supply printing feature and remaining only as an entertainment token turned the eyes to SHIB. SHIB, which has a limited supply, is known for its ecosystem that it started to differentiate and brand. In particular, the launch of a decentralized exchange made a strong impression. The fact that it will further reduce its already limited supply due to the influence of the ecosystem brings the popular token to the forefront in the competition of DOGE.
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