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Shiba Inu (SHIB) maintains bullish rally flips Dogecoin’s market cap | Invezz

source-logo  invezz.com 28 October 2021 05:59, UTC

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

Shiba Inu has lived up to its label of being the Dogecoin killer after heading towards records highs that propelled it to among the top ten largest cryptocurrencies by market capitalisation.

Shiba Inu Surpasses Dogecoin, Briefly Surpasses XRP

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On October 28, Shiba Inu reached an all-time high of $0.000086, according to data from CoinGecko. SHIB reached a market capitalisation of above $50 billion during this uptrend, ranking it as the seventh-largest cryptocurrency by market capitalisation. It surpassed Dogecoin, USDC, XRP and Polkadot following these gains.

However, the meme coin seems to have been exhausted by the Wednesday uptrend, and it has since retreated to the lows of around $0.000069. However, it is still ranking in the top 10, with more than $34 billion in market capitalisation.

Shiba Inu has been on a major rally during the past month, with its current price being an over 800% price gain this month. The hype surrounding this meme coin has been high; hence buyer support has been the main cause of this bullish rally.

Buyers Supporting SHIB Rally

One of the main factors that have been supporting the SHIB is buyer support. Data from Etherscan shows that the number of Shiba Inu holders is over 835,000, a major gain from last month. The FOMO in the market is pushing new buyers towards accumulating the coin, propelling SHIB gains.

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

The SHIB bulls have also been attributed to the speculation that it could be listed on the Robinhood exchange. The exchange was expected to make this announcement during its earnings call, but it failed to do so. On the other hand, the number of signatures petitioning Robinhood to list the exchange has surpassed 360,000.

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