Shiba Inu (SHIB) Overtakes HBAR with 12% Surge: Time to Shine
SHIB price surges to new May high, surpasses Hedera Hashgraph in market capitalization as technical signals give green light.
Amid a volatile crypto market amid global political and financial turmoil, Shiba Inu (SHIB) made a splash with a 12% surge on Friday, officially surpassing rival Hedera Hashgraph (HBAR) to reclaim the 16th spot by global market capitalization.
SHIB Surpasses $0.000015 – HBAR Lags Behind
Surges to a monthly high of $0.00001555, SHIB recorded a market capitalization of $9.11 billion at its intraday peak, before slightly correcting to $8.79 billion, according to data from CoinGecko. Meanwhile, HBAR – the token of the Hedera distributed ledger network – is lagging behind with a capitalization of around $8.44 billion, trading around $0.1999.
With a trading volume of over $693 million in the past 24 hours, Shiba Inu is showing strong appeal to investors, especially in the context of technical signals supporting the uptrend.
SAR and EMA Signals Support Short-Term Uptrend
According to technical analysis, the Parabolic Stop and Reverse (SAR) indicator has been flashing bullish signals for SHIB since the beginning of the week, providing momentum for a double-digit gain. The current SHIB price chart also shows that the price is holding steady above the 200-day Exponential Moving Average (200 EMA), one of the most important technical support levels.
Notably, the massive resistance zone near SHIB’s 527.7 trillion could flip into a strong support zone if the rally continues – a move that could pave the way for SHIB to target $0.000017, a 3-month high.
Risks Remain – High Leverage, Increased Liquidation Pressure
While the current trend is positive, some on-chain signals suggest that pressure from the derivatives market is increasing. Highly leveraged SHIB long positions have seen about $717,000 in liquidations in the past 24 hours alone, while shorts have also suffered losses of about $629,000.
In addition, derivatives related to the Shiba Inu ecosystem's stablecoins have yet to see significant interest, indicating some risk if the market reverses.
Why is this important?
The strong trading volume coupled with bullish signals from technical and on-chain indicators are key signs of a sustained rally. SHIB surpassing HBAR in the capitalization rankings is a testament to the growing interest of the community and could be a springboard for the next steps of