- If SHIB follows the same trend from the 1st of March, it could become number 10.
- The sentiment around AVAX was negative compared to SHIB’s optimistic state.
Shiba Inu’s [SHIB] return to the top 10 fold might be closer if the token keeps up with its seven-day momentum. As of this writing, SHIB was 11th on the standings.
But a 10.36% hike within the last week suggested that SHIB can flip Avalanche’s [AVAX] $20.3 billion market cap.
Is it over for the red chain?
For AVAX, it has not been able to attract the same goodwill as Shiba Inu. When SHIB’s price increased, AMBCrypto observed that AVAX could not match up as its value fell by 3.35%.
However, price is not the only indicator suggesting a possible flipping. According to our analysis, other metrics like the Weighted Sentiment and Social Dominance implied the same.
At press time, on-chain data from Santiment showed that SHIB’s Social Dominance had increased to 1.675%. Evidence showed that a rising Social Dominance comes with a further price increase for the memecoin.
For example, the metric started rising on the 1st of March. A few days later, it hit a month-long high, and it was around the same period that SHIB climbed to $0.000040.
Source: Santiment
If this trend repeats itself, then the price of Shiba Inu could increase. Should this be the case, the value could sustain an uptrend that sends it toward $0.000037.
Bulls think it’s SHIB’s time
SHIB’s Weighted Sentiment data showed a divergence from that of AVAX’s. The metric assesses the overall mood of the market toward a cryptocurrency.
At press time, SHIB’s sentiment had climbed to 0.586, indicating that market participants were bullish on the token. However, the reading was not at the greed level that could imply a potential reversal.
Therefore, a further price increase could be a reasonable option. In AVAX’s case, it was not the same, as the sentiment remained negative. A situation like this suggests that participants have pessimistic comments about the price action.
Hence, demand for the token might reduce which could also mean a price decline. If this trend with Shiba Inu and AVAX continues over the next few days, then SHIB might displace the latter from the 10th position.
Source: Santiment
However, AVAX might resist the flipping if fear gets extreme as this could fuel a rally for the token. Should the rally come before SHIB takes over the position, the aforementioned prediction could be invalidated.
Realistic or not, here’s SHIB’s market cap in AVAX terms
In addition, market participants might need to watch out for the buzzing narrative in the market. As of this writing, memecoins outperformed most of the top altcoins.
If this remains the same, the flipping might happen. However, if altcoins start to run, the projects might maintain their respective positions.
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