Shiba Inu outperforms major cryptos and grasps 11th position on the crypto ranking.The meme coin continues to soar after the deployment of ShibaSwap and Elon Musk’s tweet over the weekend.
Shiba inu, “dogecoin killer,” has commenced the week with a bang, adding over 5% and taking its gains over the last seven days to around 400%. The dog-based coin is now ranked 11th on the cryptocurrency list, with a market cap of $14.82 billion, casting off its foundation to bubbly new pretenders to its meme coin capstone. The coin spike has placed it over rooted cryptocurrencies litecoin, Binance’s stablecoin BUSD, Avalanche, UniSwap, and Chainlink.
Significant altcoins like Ethereum, BNB, Cardano, and XRP have been calm the last 24 hours, while Shiba inu has continued to rally. Consequently, the meme coin has been one of the most popular cryptos in the market within this past week. The growing crypto launched in August 2020 by an anonymous founder surged this month, rising almost 300% so far. This new development has been extraordinary.
The rally in the meme coin
Some developments in SHIB are the critical contributors to the spike in the price valuation, including the establishment of the platform’s burn mechanism. The implementation of Shiba Inu’s DEX ecosystem ShibaSwap has also incited a rally in the altcoin’s prices. This new tool allows users to trade, pool, and stake cryptocurrency.
Tesla and SpaceX chief Elon Musk has helped to boost crypto too. On October 7, Mr. Musk posted a picture of his puppy on Twitter, which happens to be a Shiba Inu breed catching the attention of his mega Twitter followers. The coin aims to reach the $1 milestone soon. The tweet sparked a trending surge in Shiba Inu, and its price rose by 40 percent just a short while after Mr. Musk’s post. The ascent of the coin echoes the rise its competitor Dogecoin saw when this year began.
Dogecoin is currently sitting as the tenth-largest cryptocurrency with a market cap of $29.38 billion. It rallied to an all-time high of almost $0.74 in May, before momentum stalled and the price of the meme-coin dropped.
Community driven coin
After over four months of price dormancy, the Shiba Inu has successfully erased one zero recently from its price. However, some crypto analysts have warned the Shiba inu rally is likely unsustainable.
Eric Demuth, Co-CEO & Co-Founder at Bitpanda, said that he genuinely believes people have seen a similar rally as they saw with Dogecoin. He notes that these new coins are very community, hype, and fun-driven. He added that the meme coin does not utilize any new tech or analyze problems as bitcoin or ethereum do.
Still, he recognizes that the meme coin and others are pertinent in today’s market. Demuth says the new coins represent the modern, community-driven movement in finance. He finalizes by saying Bitpanda will also be adding some of them soon.
Bitcoin, the largest cryptocurrency by market cap, surged above $57,000. The digital currency was up by around 1.2% in the last 24 hours, hoping that a bitcoin exchange-traded fund (ETF) would be approved soon. Several analysts expect that bitcoin will surpass other crypto assets this month.