Shiba Inu (SHIB) outpaces others, but will the rally continue?

Highlights

  • Shiba Inu has registered a massive rally and the meme-based coin hit another all-time high of US $0.00006249 with its overall market value breaching the US$24 billion mark
  • The rally has allowed Shiba to climb to the 11th spot now, just below the famous Dogecoin.
  • Shiba Inu is more valuable than the TATA empire, Adani Enterprises or Tech Mahindra in India.

As the crypto market crashed all around on Wednesday, only one witnessed an outstanding day. Shiba Inu’s (SHIB) bull rally refuses to die down, not even Elon Musk could slow it down. A couple of days back, Musk had said that he doesn’t hold any Shiba coins, which created doubts that all the fuzz about the rally would die down soon.

But instead of that, it exploded like anything, and it is more valuable than the TATA empire, Adani Enterprises or Tech Mahindra in India. The meme-based coin hit another all-time high of US $0.00006249 with its overall market value breaching the US$24 billion mark.

Also read: Crypto flash crash: Is it time to panic?

The rally has allowed Shiba to climb to the 11th spot now, just below the famous Dogecoin. The technical chart shows five consecutive strong green candles, which has resulted in its price increase by massive 120%. 

SHIBA INU

Image source: Trading view

In fact, if one were to look at the chart, the RSI (relative strength index) indicated at the worm arrow at the bottom is at 88.08, indicating a strong bullish sentiment in the market and looks like bears are nowhere near to stop its rally.

Also read: Can Musk’s tweet deter SHIB’s meteoric rise?

The Moving Average Convergence Divergence (MACD) line in the red histogram indicates it will struggle to contain this rally, which is represented through the signal line and is in blue. There is not just a rally in the price, but there is a significant rally even in the volume– a massive 126.18% and has a 24-hour trading volume of US $20,474,177,925.

Will the rally stop?

Shiba Inu’s Uptober rally doesn’t seem to slow down at the moment. While other leading cryptos such as Bitcoin, Ethereum, Cardano etc. witnessed a flash crash today, Shiba was the only one hold the fort.

It appears Shiba Inu’s price trends in recent has be pretty similar to Dogecoin’s breakout trend. The surge has resulted in SHIBA’s dominance surge from 0.16% to 0.91% MTD (From October 1 to date). Comparatively, Doge’s dominance has reduced from 1.5% to as low as 1.20% in the same period.

If the rally continues, then it could well surpass Dogecoin and could establish itself as the Doge Killer.

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