Shiba Inu soars on a record-breaking bull run to become the 13th largest crypto

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Shiba Inu soars on a record-breaking bull run to become the 13th largest crypto

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Highlights

  • The "dogecoin killer" reached new highs over the weekend, becoming the 13th-largest cryptocurrency in terms of market cap.
  • On October 24, SHIB reached an all-time high, and the price touched $0.00003995, according to CoinGecko.com.
  • It needs to be seen whether there is still enough room in the top-10 for two "dog coins," therefore, Dogecoin bulls should be on the alert if Shiba keeps rising.

Shiba Innu is on the verge of breaking a new all-time high, and investors have begun to rejoice at the rise of their favourite meme coin.

 The "dogecoin killer" reached new highs over the weekend, becoming the 13th-largest cryptocurrency in terms of market cap.

On October 24, SHIB reached an all-time high, and the price touched US$0.00004442, according to CoinMarketcap. The trading volume of SHIB was amounted at US$15,771,978,346 in last 24-hour.

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Related Article : The "Dogecoin-killer" Shiba Inu returns to the crypto spotlight with a price hike

Traders exchange Dogecoin for SHIB in anticipation of a Robinhood listing

Shiba is on an unstoppable path to becoming the world's most valuable cryptocurrency if it keeps up its current pace. 

Since 2018, Robinhood, an investment exchange platform and popular cryptocurrency, has mainly promoted seven cryptocurrencies. It has a reputation for offering a superior user experience. Moreover, it provides a simple user interface and does not impose trading fees.

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In less than 15 months, Shiba has grown by more than 5,500,000 %. Dogecoin investors, according to experts, have exchanged their coins for SHIB coins. These trades occurred because of social media support and the expectation that the cryptocurrency would be included on the Robinhood app soon.

SHIB has nearly 300,000 signatures on a Change.org petition pleading with Robinhood to add it to its platform. In the last year, the token has grown by over 40 million per cent.

Furthermore, the support for a petition is growing by the day. Dogecoin has plummeted 65% since its peak in May, compared to SHIB.

Related Article : Top Dog: Shiba Inu Tops List of This Weeks Top 5 Best Performing Cryptos

On Musk's rocket, a Shiba Inu flies

Shiba was developed in 2020 by a mysterious figure recognised as Ryoshi. It appeared to be the Dogecoin killer, a cryptocurrency with a Shiba Inu theme designed as a joke in 2013.

Elon Musk, the billionaire founder of SpaceX, has recently boosted the coin's reputation by posting a picture of his Shiba Inu puppy on social media. As a result, Shiba Inu's popularity skyrocketed by 40%, and crypto enthusiasts went nuts for the coin.

The world's richest man, Musk wields enormous power in cryptocurrency markets and had a key role to play in the 2021 digital-asset boom. Even his tiny interventions have caused significant changes in the crypto space.

Related Article : Should You Invest in Shiba Inu Coin?

Bottom line 

Shiba has been under the bulls' hands since around mid-October, and the coin has been eager to soar higher ever since, and the recent rallies have been eye-wateringly exuberant.

The crypto markets are mainly reliant on momentum. Therefore, Shiba will very certainly benefit from a switch from Dogecoin to Shiba if it continues to rise at a rapid pace. 

However, it needs to be seen whether there is still enough room in the top-10 for two "dog coins," therefore, Dogecoin bulls should be on the alert if Shiba keeps rising.

Related Article: The return of the "Dogecoin-killer" Shiba Inu

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