Introduction:

Shiba Inu, a cryptocurrency known for its meme status, is on the brink of entering the top 10 cryptocurrencies list. Recent data suggests that its price surge over the past week could propel it past Avalanche (AVAX), a rival cryptocurrency with a market value of $20.3 billion.

Shiba Inu's Growing Influence:

Aside from its price movement, indicators like social dominance indicate a potential shift. Analytics from Santiment reveal that Shiba Inu's social dominance has risen significantly, reaching 1.675%. This surge in social dominance often correlates with price hikes for the token, as seen in previous instances.

The Rise of Shiba Inu:

On March 1st, Shiba Inu's social dominance began to climb, coinciding with a period where its price peaked at $0.000040. If this pattern continues, Shiba Inu could see further price gains, potentially reaching $0.000037. Additionally, Shiba Inu's weighted sentiment, which measures market sentiment, differs from that of AVAX, indicating a more positive outlook for Shiba Inu.

Declining Demand Concerns:

While sentiment towards Shiba Inu is currently optimistic, it hasn't reached levels of extreme greed that could signal a reversal. Conversely, AVAX faces a negative sentiment, which could lead to decreased demand and a subsequent price drop. If these trends persist, Shiba Inu could surpass AVAX in the top 10 cryptocurrencies list.

Conclusion:

The path to the top 10 cryptocurrencies for Shiba Inu seems promising, fueled by its recent price surge and growing social dominance. However, the cryptocurrency market's sentiment towards both Shiba Inu and AVAX will play a crucial role in determining their rankings in the coming days.