As of yesterday, the SHIBA INU ($SHIB) coin hit its new all-time high (ATH) and is back on the bullish track. Market cap-wise, last night was the best day for $0.0000442, the 13th largest altcoin by market cap. The coin broke above key resistance at $0.000035.
$SHIB price this bull season has surged against the market trend when most of the crypto market remains flat or inactive. Even yesterday, the majority of the crypto market was consolidating when the $SHIB price surged to new ATH.
Additionally, Sanitment data show that a$SHIB has soared over 500% in October, outpacing some of the biggest crypto assets like Bitcoin and Ethereum. With $14.5 billion in total $SHIB traded yesterday, $SHIB traded at a much higher volume than Ethereum yesterday. Only $BTC and USDT had a greater trading volume than $SHIB. There has often been a bullish turn after the crowd sentiment drops for the meme coins
SHIBA INU | Will Musk repond, is Dogecoin ($DOGE) Next?
Elon Musk’s threat gave Shibas INU a major market stress test, as well as a new all-time high yesterday. During the first quarter of 2021, the billionaire entrepreneur helped Dogecoin (DOGE) reach new highs. Musk’s constant meme postings about floki dogs have often resulted in an upward trend in the price of $SHIB, as a result, many proponents of the SHIBA INU were convinced Musk was holding some meme currency himself. In any case, he revealed yesterday that he doesn’t possess any.
As Musk’s tweet went viral, the price of the altcoin tanked 15% and dropped to below $0.000038. However, the bullish momentum backed by real trading volume across exchanges allowed the value of $SHIB to recover and top $0.000040 once again. Since Musk’s tweet has boosted its price several times, this was a major win for the meme coin.
SHIBA INU rose to the eleventh spot in the market cap ranking yesterday and is currently settled at the 13th spot. It has a current market cap of $15.4 billion, while Dogecoin ($DOGE) boasts of a $35 billion market cap. $SHIB would need to double its price from here to have a chance at replacing $DOGE as the top meme currency.
At time of writing SHIB was trading just above $0.00007