The cryptocurrency Shiba Inu coin has just reached an all-time high and is one of the largest digital currencies in terms of market value. The Shiba Inu coin – apparently influenced by dogecoin, which is itself a meme currency – has risen more than 40% in the last seven days, according to CoinGecko. The website ranks the coin as the 11th largest cryptocurrency.
The site points out that tokens have increased by more than 45 million percent in the past year.
Tesla CEO Elon Musk – who is a big fan of DogeCoin – tweeted that he doesn’t own any Shiba Coin after it dropped nearly 10% from its all-time high. Musk’s tweets have often moved to crypto markets.
Like Dogecoin, another unique digital currency – which is the ninth most cryptocurrency in terms of market value. Shiba Coin has added Shiba Inu coin Dog as its mascot. Climate change has made some investors millionaires overnight.
The coin has won the support of a handful of celebrities, from former boy band stars to pro athletes.
Earlier this year, Ethereum co-founder Vitalik Buterin made headlines by donating one billion worth of Shiba Coin to the Covid-19 Relief Fund in India.
A Change.org application urging trading platform Robinhood to list Shiba Inu coins on the site has garnered more than $300,000 signatures.
Other popular virtual currencies have also seen explosive growth. The bitcoin, the world’s most valuable cryptocurrency, hit an all-time high of about,000 67,000 per coin last week, surpassing the previous record set in April.
Bitcoin prices have risen 50 percent this month, from just under $ 44,000 at the end of September. The bitcoin is currently trading at around $ 62,000.
This pop has been reinforced by new hopes that regulators in the United States will not crackdown on cryptocurrencies with the support of big investors like George Soros and the launch of the first exchange-traded fund linked to bitcoin futures.
The move comes on the back of the rising trading volume, although it is below the level seen in early October when Shiba Inu rallied after a successful resistance test at $0.000010.
Dogecoin still went up today, but the move was modest. Dogecoin faced resistance near $0.27 and pulled back to $0.2550. It seems that Dogecoin may face some challenges in the coming trading sessions as traders can send their funds to Shiba Inu.
It should be noted that Shiba Inu continues to close the gap in market capitalization with Dogecoin. According to CoinMarketCap, Dogecoin’s current market cap is $33.6 billion, while Shiba Inu’s market cap has crossed the $15 billion level.
Cryptomarkets are highly dependent on speed. If Shiba Inu continues to rise at a strong pace, the transition from Dogecoin to Shiba Inu will be almost inevitable, which will provide additional support to Shiba Inu. It remains to be seen if there is enough room for two “dog coins” in the top 10, so Dogecoin bulls should be on high alert if the Shiba Inu rally continues.
Shiba Inu Rally after a successful test of resistance at 00 0.000035
The Shiba Inu gained coin strong momentum when it managed to move above the key resistance level of $0.000035 and tried to test the level of $0.000045.
The Shiba Inu managed to break above the resistance at 00 0.00003775 and is trying to move above the next resistance level which has recently emerged near $ 0.000040.
The RSI is in more bullish territory, but it is just below the previous highs that reached in early October, so there is plenty of room for additional momentum.
If the Shiba Inu returns above 00 0.000040, it will move to the recent highs of 00 0.00004450. Going above this level will open the way for the 00 0.000050 level test.
What do you think should we hold on to Shiba Inu or yet wait?