Shiba Inu (SHIB) Maintains Bullish Rally Reversing Dogecoin Market Cap


Shiba Inu (SHIB / USD) has been outperforming the rest of the crypto market for several weeks now. The hype surrounding this coin has been high recently, and while the rest of the market is falling or consolidating, SHIB is reaching new all-time highs.

Shiba Inu has lived up to its Dogecoin killer label after heading for records that propelled it into the top ten cryptocurrencies by market cap.

Shiba Inu overtakes Dogecoin, briefly outperforms XRP

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On October 28, Shiba Inu hit a record high of $ 0.000086, according to data from CoinGecko. SHIB reached a market cap of over $ 50 billion during this uptrend, ranking it as the seventh largest cryptocurrency by market cap. It topped Dogecoin, USDC, XRP, and Polkadot as a result of those gains.

However, the coin itself appears to have been depleted by Wednesday’s uptrend, and it has since retreated to lows of around $ 0.000069. However, it still ranks in the top 10, with over $ 34 billion in market capitalization.

Shiba Inu has seen a major rally over the past month, with its current price being a price gain of over 800% this month. The hype surrounding this very piece has been high; therefore, buyer support was the main cause of this bullish rally.

Buyers supporting SHIB Rally

One of the main factors that have supported the SHIB is the support for buyers. Etherscan data shows the number of Shiba Inu holders exceeds 835,000, a major gain from last month. The FOMO in the market pushes new buyers to accumulate the coin, propelling the gains of the SHIB.

As has been the case over the past two weeks, Shiba Inu’s trading volumes are higher than Ethereum’s (ETH / USD). The coin’s 24-hour trading volumes currently stand at around $ 38 billion, the third highest after Tether and Bitcoin (BTC / USD).

SHIB bulls have also been attributed to speculation that it may be listed on the Robinhood Exchange. The stock exchange was supposed to make the announcement during its earnings call, but it did not. On the other hand, the number of signatures asking Robinhood to list the stock exchange exceeded 360,000.

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