SHIBA INU ($ SHIB) hits all-time high, but can it overtake Dogecoin?
SHIBA INU ($ SHIB), the new star meme of the crypto ecosystem, is back on the up as it hit a new all-time high (ATH) yesterday. The 13th largest altcoin by market cap rose more than 50% yesterday, first breaking the critical resistance of $ 0.000035 and then establishing a new ATH of $ 0.0000442.
This is also the first time this meme coin is not affected when Musk said he was not holding SHIBA INU.
SHIBA INU ($ SHIB) hits all-time high
One of the Twitter users asked Elon Musk if he was holding SHIB, which the shooter refused, saying that he only holds Dogecoin among the meme cryptocurrencies. According to online data provider Santiment, the crowd’s mood for Shiba Inu is currently negative, but the crypto meme always rises when the euphoria cools.
$ SHIB is now up over 500% in October, outperforming most of the leading crypto assets such as Bitcoin and Ethereum. The bullish momentum resulted in $ SHIB reaching a larger volume yesterday than Ethereum with a total volume of $ SHIB of $ 14.5 billion. The trading volume of $ SHIB is just behind $ BTC and USDT.
The sentiment data also shows that a decline in sentiment towards the meme is often followed by a rally. The price of $ SHIB during this bull season has risen against the market trend as most of the crypto market remains flat or dormant, the $ SHIB price has hit a new high. As recently as yesterday, much of the crypto market was consolidating when the $ SHIB price rose to new ATH levels.
SHIBA INU passes Musk’s stress test, but will it pass Dogecoin?
While the broader crypto market has undergone strong consolidation, the Dogecoin crypto meme took a strong move after Elon Musk called it the cryptocurrency for everyone. In response to his recent tweet, Musk explained his reasons for supporting DOGE after calling it the people’s cryptocurrency. Musk said:
“I’ve spoken to a lot of people on the assembly line at Tesla or on the rocket building at SpaceX Own Doge. They’re not Silicon Valley financiers or technologists. That’s why I decided to support Doge – it’s like cryptocurrency for everyone. “
Earlier this year, in May 2021, Elon Musk also announced that they would be accepting payments in Dogecoin for their upcoming space missions. According to a recent Finder survey, the US has doubled its DOGE adoption rate compared to the rest of the world. The report finds that a third of crypto investors in the United States are investing in Dogecoin, which is even replacing Bitcoin (BTC) and Ethereum (ETH).
Elon Musk is a passionate Dogecoin (DOGE) supporter and has shown great interest in supporting the Dogecoin ecosystem. However, the billionaire’s recent thoughts show the opposite of SHIBA INU.
SHIBA INU not only achieved a new ATH yesterday, but also passed a major market stress test with Elon Musk. The billion dollar businessman single-handedly managed to help Dogecoin (DOGE) reach new highs in the first quarter of 2021. His constant posting of memes about Floki dogs often causes SHIB prices to skyrocket, so many SHIBA INU supporters believe that Musk needs to hold some meme currency. However, yesterday he confirmed that he is not holding any.
The price of the altcoin rose 15% and fell below $ 0.000038 after Musk’s tweet, but the momentum was helped by real trading volumes on the exchanges which helped the SHIB dollar bounce back above zero. This is a big win for the meme coin as Musk’s tweets were responsible for some of its price spikes.
SHIBA INU climbed to # 11 on the market cap rankings yesterday and is currently # 13. It has a current market cap of $ 15.4 billion, while Dogecoin (DOGE dollars) has a market cap of $ 35 billion. $ SHIB will have to double its price from now on in order to have the chance to replace $ DOGE as the top meme currency.
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