SHIBA INU ($SHIB), the brand new star meme coin of the crypto ecosystem is again on the bullish observe because it hit a brand new all-time-high (ATH) yesterday. The thirteenth largest altcoin by market cap surged over 50% yesterday to first breach the important thing resistance of $0.000035 after which set a brand new ATH of $0.0000442. The altcoin is at the moment buying and selling simply above the $0.000040 mark with 6% good points over the previous 24-hours.
$SHIB has now surged over 500% in October outshining a lot of the prime crypto property reminiscent of Bitcoin and Ethereum. The bullish momentum led to $SHIB hitting a much bigger buying and selling quantity than Ethereum yesterday with $14.5 billion in complete $SHIB traded. $SHIB buying and selling quantity was solely behind $BTC and USDT.
Santiment information additionally point out {that a} drop in crowd sentiment for the meme coin has usually been adopted by a bullish surge. $SHIB worth this bull season has surged towards the market pattern when a lot of the crypto market stays flat or inactive, $SHIB worth has recorded new highs. Even yesterday, nearly all of the crypto market was consolidating when the $SHIB worth surged to new ATH.
SHIBA INU Passes Musk Stress Check, Dogecoin ($DOGE) Subsequent?
SHIBA INU not simply reached a brand new ATH yesterday, but additionally handed a significant market stress take a look at within the type of Elon Musk. The billionaire entrepreneur has single-handedly managed to assist Dogecoin (DOGE) attain new highs throughout the first quarter of 2021. His fixed meme posting round floki canines has usually led to a $SHIB worth surge, thus many SHIBA INU proponents have been assured that Musk should be holding among the meme foreign money. Nevertheless, he confirmed yesterday that he doesn’t maintain any.
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— Elon Musk (@elonmusk) October 24, 2021
The value of the altcoin tanked 15% after Musk’s tweet and fell to sub $0.000038 zone, however the bullish momentum backed by actual buying and selling quantity throughout exchanges helped $SHIB to get better above $0.000040 once more. This was a significant win for the meme coin, given Musk’s tweet has been chargeable for a number of upswings in its worth.
SHIBA INU rose to the eleventh spot out there cap rating yesterday and is at the moment settled on the thirteenth spot. It has a present market cap of $15.4 billion, whereas Dogecoin ($DOGE) boasts of a $35 billion market cap. $SHIB would want to double its worth from right here to have an opportunity at changing $DOGE as the highest meme foreign money.