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Highlights
- Turning speculations true, Shiba Inu coin has pipped Dogecoin on 29 October 2021.
- At present, Shiba Inu is ranked as the world’s ninth largest crypto, while Dogecoin is ranked tenth, as per CoinMarketCap on .
- However, even the tiniest of events can significantly impact the market. Thus, crypto investors should exercise caution when putting their whole resources into meme coins like SHIB.
28 October 2021 was a gala day for Shiba Inu coin. Speculations came true as SHIB managed to live up to the hype, overtaking Dogecoin.
As of 6:30 pm AEDT on 28 October 2021, Shiba Inu was ranked as the world’s eighth largest crypto as per CoinMarketCap. Shiba’s market cap touched US$42,282,940,671 after a wild ride with Shiba priced at US$0.000074. The 24-hour trading volume was recorded at US$43,168,248,394, representing a growth of 41.85% in 24 hours.
At present, 29 October 2021 (5:39 PM AEDT), Shiba Inu is at 9th place, a rank above dogecoin.
Shiba Inu was created by a mysterious person named "Ryoshi" who intends to replace Doge tokens.
Related Article : Shiba Inu soars on a record-breaking bull run to become the 13th largest crypto
What are the causes for the ascent of Shiba Inu?
Shiba, dubbed the "Dogecoin killer", rocketed to new highs over the last weekend, becoming the 11th-largest cryptocurrency by market capitalisation. And of course, there was a looming question of whether two dog-themed coins could remain together in the top ten list.
Shiba Inu has been constantly making headlines. Mainly three factors have been driving SHIB’s ascent, which are as below:
- SHIB was rumoured to be on its way to being listed on Robinhood, a popular stock trading app, according to unconfirmed reports. Meanwhile, a Change.org petition urging Robinhood to include SHIB on its platform was signed by nearly 3 lakh people. This acted as a key catalyst for Shiba’s ascent.
- Musk, who posted a picture of SHIB token on its way “to the Moon," was another factor for its rapid surge. Like always, Musk’s tweet fuelled the coin's value. The price of Shiba Inu coin had soared 400% when Musk tweeted about his new dog in early October.
- Recently, a mysterious buyer bought 277 billion tokens of Shiba Inu, which propelled the coin’s growth.
Source: Copyright © 2021 Kalkine Media
Related Article: The "Dogecoin-killer" Shiba Inu returns to the crypto spotlight with a price hike
Elon Musk’s role in the Shiba Inu Ascent
Shiba seems to be on an unstoppable journey. A few days ago, one of the Shiba Inu fans asked Elon Musk on twitter, how many SHIB tokens he possessed. The CEO of Space X immediately responded with an unexpected and unequivocal "None."
Musk's response acted as a major downer for Shiba and the coin started to lose its gains. It fell to 13th place in the last weekend in terms of market value. However, this was expected as Elon Musk's consistent backing was supporting Shiba; otherwise, the voyage would not have been easy, as the coin was only launched in August of 2020. Musk was apparently responsible for Shiba Inu’s rapid growth in just one year.
However, Musk's denial of possession of the Shiba token did not halt the growth, and the coin continued it upward growth, entering the top ten this week. This proves that Shiba is more "community-driven," with its army fueling its rapid expansion.
Related Article: The return of the "Dogecoin-killer" Shiba Inu
Bottom line
With a coin like Shiba Inu, however, even the tiniest of events can significantly impact the market. Thus, crypto investors should exercise caution when putting their whole resources into meme coins like SHIB.
Related Article: After Shiba Inu’s rally, 5 meme cryptos to watch in 2022
