Top Dog: Shiba Inu takes on Dogecoin after it cracks top 10
Shiba Inu coin has blasted its way into the top ten crypto currencies with a market cap of $40bn, briefly surpassing rival meme-coin Dogecoin.
Shiba Inu’s price has exploded this year, up by 83m per cent in the past 12 months and 147 per cent just this week to make it the world’s tenth largest crypto currency. Trade volume has surged to $40bn in the past 24 hours in a sign that the coin is rapidly trading hands as price soars.
Commenting on SHIB’s dramatic rise, Jonas Luethy, Sales Trader at UK based digital asset broker GlobalBlock said “although the price action is impressive, some have speculated that the surge is entirely FOMO (Fear Of Missing Out) driven by retail investors. Meme coins are very popular on social media, which can play a role in the coins price increase.
“The popularity of SHIB and DOGE doesn’t really mean much for the market since they can drastically change in price irrespective of how the market is performing,” he added.
It comes after the coin was snubbed by celebrity Entrepreneur Elon Musk earlier this week, with price falling by as much as 12 per cent in less than 24 hour after he admitted he did not own any.
Musk responded to repeated questioning about whether he owned Shiba Inu Coin by revealing that he only owns Ethereum, Bitcoin and Dogecoin, the original meme-based currency which inspired $SHIB.
Despite receiving a slight from Musk, upward price pressure has been driven by a social media frenzy this week with a petition to get the coin listed on the retail trading platform Robinhood receiving nearly 400,000 signatures.
Shiba Inu’s RSI score is 75.46 according to TradingView indicating that the coin is overbought amid the hype and a price correction could be on the cards.
Read more: Bitcoin hits highest levels since May while SHIBA continues to run riot