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SHIB Flips Avalanche (AVAX) as Bulls Regain Strength

SHIB Flips Avalanche (AVAX) as Bulls Regain Strength

DailycoinDailycoin2024/10/31 02:00
By:Dailycoin
  • Layer-1 altcoin Avalanche (AVAX) makes way for SHIB in crypto ranks.
  • Shiba crypto sparked 12% gains but got stuck below key resistance.
  • Shocking Derivatives stats reveal that 90% of 24-hour liquidations were longs.

Bitcoin’s latest run to breach $73,000 saw a significant altcoin rebound, but meme coins take the cake with a 20% market cap increase in 24 hours. Dogecoin (DOGE) and Shiba Inu (SHIB) stood out as the biggest large-cap gainers, surpassing top altcoin names in the crypto ranks.

SHIB even switched positions with Avalanche (AVAX), the altcoin behind the Layer-1 blockchain. Currently ranked at #14, SHIB has a $10.85 billion market cap, while AVAX has a $10.65 billion market cap, trailing behind SHIB by $200 million.

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As the flipping happened, SHIB returned to $0.00001842 after getting rejected at the next confluent resistance of $0.00002 on the evening of October 29, 2024. Meanwhile, the #15 placed Avalanche flopped by 2.2% in 24 hours, adding to a 7% monthly deficit.

Are Shiba Bulls Back in the Game?

The bull force was with SHIB on October 29, 2024, when the second-largest meme coin inked a new monthly peak of $0.00001967. However, many crypto analysts noticed that SHIB’s $0.00002 resistance level didn’t hold despite the barrier being breached twice in late September.

This can be explained by the largest resistance bubble, from $0.00002 to $0.000024, where 88.98T SHIB tokens account for roughly 15% of the token supply. Split between 84K crypto wallets , this range is the most susceptible to a short-term sell wall. The effect on SHIB’s price would be softer if whales continue to accumulate.

One-day chart from TradingView with Stochastic RSI & Chaikin Money Flow indicators

Based on several key point metrics, Shiba ‘s largest investors have added to their SHIB stash since October 26, 2024. As the Chaikin Money Flow (CMF) index turned positive on Saturday, the dynamic version of the Relative Strength Index (StochRSI) positioned itself between 69 and 53 on the one-day charts.

This constitutes a slightly overbought short-term condition, but Shiba Inu’s market confidence grows. Measured by the Life-To-Date metric, SHIB has recorded 33,774,726.7% growth since the lowest point, asserts Shibarium’s lead dev, Shytoshi Kusama .

$SHIB Current Lifetime to Date (from all time low) 33,774,726.7%.

But again, I digress. We still have far to go and much work to be done to get the Ecosystem the respect it deserves and Treats out to the pack. So, don't ignore Shib. Or do, until you can no longer. https://t.co/ZGyJotYpf2

— Shytoshi Kusama™ (@ShytoshiKusama) October 30, 2024

In comparison, Bitcoin (BTC) inked 569,772% gains in the last decade, while SHIB’s arch nemesis, DOGE, fetched 202,583.0% since its lowest point. However, long-term success depends on usage, as Dogecoin normally bolsters a bigger daily trading volume than most altcoin peers.

On the Flipside

  • According to CoinGlass, Tuesday’s social hype-inspired surge didn’t stop the wave of Shiba bulls from being liquidated on Derivatives markets.
  • The stablecoin-marginalized 1000SHIB pair on Derivatives registered $1.08M in liquidations, of which $916K, or 90%, are long SHIB leveraged positions.

Why This Matters

A regroup in the crypto charts signifies a shifting market trend, as seen in the growth of the meme coin niche this year.

Discover DailyCoin’s top crypto news:
XRP’s Chart Breakout Signals Bullish Surge—Will $1 Be Next?
12-Year Dormant Whale Reawakens as Bitcoin Eyes $72K

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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