This is just information you need to use your own judgment when dealing with Cryptocurrency, which is not a get-rich-quick theme at all. Good decision making wins.
Shiba Inu coin, named for the memeified dog breed, is the joke spin-off of the popular cryptocurrency Dogecoin (DOGE). Today’s record-breaking price comes after a Change.org petition requested that Robinhood list the coin on its trading platform. The petition has received 334,500 signatures so far.
Shiba Inu’s price began to surge over the weekend after SHIB community Twitter account @ShibaInuNews shared a screenshot of a survey Robinhood circulated regarding SHIB’s potential listing. On Sunday, the coin saw an initial all-time high of $0.00004442, up 60%, and became the 13th-largest cryptocurrency by market cap. The price jumped to $0.00004853 on Tuesday.
Now, Shiba Inu is the 11th-largest cryptocurrency with a market cap of $21.5 billion.
On Monday, a crypto whale (someone who owns vast amounts of cryptocurrency, typically millions) bought $11.5 million worth of SHIB tokens, further accelerating the coin’s price increase.
Dogecoin also surged over the weekend, shooting up 8% after Tesla and SpaceX CEO Elon Musk tweeted about the token on Saturday. It’s not the first time Musk’s tweets have significantly shaken up cryptocurrency markets.
It’s an intense dogfight in crypto skies as dogecoin (DOGE) and shiba inu (SHIB), two of the most popular meme coins, battle it out for the ninth spot on the list of top digital assets by market capitalization. Some traders are profiting from the action by taking spread trades.
DOGE has come alive, having lagged SHIB by a significant margin earlier this month. The joke cryptocurrency surged to $0.335 on Coinbase on Thursday, hitting the highest level since Aug. 20, and was last seen trading near $0.30, representing a 22% gain on the day.
Meanwhile, SHIB crashed as much as 30% to $0.00006 earlier today, having chalked out a three-fold rally to $0.00009 in the seven days to Oct. 27.
Diverging price trends are helping DOGE consolidate its position as the ninth biggest coin. However, with a market capitalization of $34 billion, SHIB doesn’t appear to be far behind DOGE’s $39 billion market cap. The self-proclaimed dogecoin-killer briefly topped its rival in rankings on Wednesday.
The price action observed in the past several hours is perhaps reflective of the rotation of money out of SHIB and into the relatively undervalued DOGE. The latter is still down over 60% from its all-time high of $0.74 in May.
“It’s hard to deny that money could be moving to DOGE,” pseudonymous trader and self-proclaimed JPEG collector Kano The Giga Chad said, while revealing his position to CoinDesk in a Twitter chat.
“Being short SHIB and long DOGE feels nice,” the trader said. “I took the position about two hours.”
Retail investors account for almost the entire volume in meme coins. A surge in activity in this crypto market sub-sector is often taken to represent excess greed often observed at market tops.
