Shiba Inu (SHIB), the dog-meme-inspired ERC-20 token, has recently surpassed Tron (TRX) in market capitalization, making it the 14th largest cryptocurrency in the world. The SHIB token’s last trading price was around $0.000011, according to Coinbase exchange data.
The subdued trading conditions of SHIB in recent weeks mirror the consolidation seen in other major cryptocurrencies, such as Bitcoin, which has spent more than three weeks undulating around the $28,000 level. However, upcoming US macro events this week, such as the release of the US Consumer Price Index (CPI) data and US Retail Sales and Consumer Sentiment data, could shift the crypto market out of its slumber.
If this week’s data and Federal Reserve events support the idea of inflation coming down quickly and a likely oncoming recession, that could weigh on the US dollar and yields, and likely support growth stocks and cryptocurrencies like Shiba Inu.
Moreover, the upcoming Q1 2023 earnings season, starting with a number of major US banks, could impact sentiment. SHIB bulls are hoping for an upside breakout of the ascending triangle that the meme coin has been forming in recent weeks, which could open the door to a push higher towards earlier annual highs in the $0.000016 area, marking close to 50% gains from current levels.
The market capitalization of Shiba Inu has been higher than that of Tron since mid-March, which partly reflects the TRX price suppression due to the US Securities and Exchange Commission (SEC) going after Tron’s founder, Justin Sun, over alleged securities fraud.
In addition, Shiba Inu is launching its much-touted layer-2 Ethereum scaling solution, Shibarium, which could give the bulls further reason for excitement. Overall, the catalysts are present for a potential move higher in crypto prices, including Shiba Inu.