Dogecoin Rival Shiba Inu Breaks Out, Hits $10 Billion Market Cap As Bitcoin And Ethereum Pressure Resistance
Capital in the crypto markets shifts to meme coins as a new week begins.
Dog-themed Ethereum-based crypto-asset Shiba Inu (SHIB) surged 40% in the past 24 hours, briefly smashing a $10,000,000,000 market cap.
Dogecoin (DOGE) rival’s rise from $0.00001259 to as high as $0.00001762 comes just after Bitcoin and Ethereum tapped key levels of psychological resistance at $25,000 and $2,000 respectively.
DOGE itself is also on the rise, moving from $0.073 in the last day to a high of $0.084 – a jump of around 15%.
Both coins are fairly quiet in terms of fundamental development. The latest Shiba Inu development is the coin’s addition to the Binance Card, which is a Visa debit card that allows users to earn cash back in the form of crypto.
SHIB remains one of the largest altcoin holdings among Ethereum whales.
According to chain tracker WhaleStats, Shiba Inu is the fourth largest altcoin holding among the 5,000 largest Ethereum whales on record.
Here is one overview of the best ETH altcoin holdings among the biggest wallets out there.
- USDC – $943,954,202
- USDT – $767,953,374
- stETH – $395,870,787
- SHIB – $178,686,986
- BIT – $116,441,994
- MKR – $97,634,872
- LINK – $85,205,448
SHIB is down approx. 80% from all-time high on $0.00008616, a high reached last October.
The current price is $0.00001671, which represents a 24-hour gain of around 32%.
In a new note to traders, crypto exchange Kraken says ETH was its most active asset over the past week as a significant number of investors re-entered the market.
“Writing so steady two-way streams this week. ETH was the most active asset. Many clients took advantage of the strong ETH bid to reduce risk.
The breakout attracted sideline buyers looking to reallocate cash to BTC and ETH. There was also an increase in FLOW inquiries as the token increased following partnership news with Meta.”
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Featured image: Shutterstock/DM7/Sean sinclair/karnoff
