SHIBA INU (SHIB), the crypto ecosystem’s new star meme coin, is back on the upswing after hitting a new all-time high (ATH) yesterday. Yesterday, the 13th largest altcoin by market value surged over 50%, first breaking over crucial resistance at $0.000035 and then setting a new all-time high of $0.0000422. With a gain of 8.92% in the last 24 hours, the altcoin is currently trading slightly at the $0.00004231 line.
In October, $SHIB has increased by more than 500 percent, outperforming most of the prominent crypto assets such as Bitcoin and Ethereum. With $14.5 billion in total SHIB exchanged yesterday, the positive momentum led to SHIB having a higher trading volume than Ethereum. Only BTC and USDT saw higher trading volumes than SHIB.
Sentiment data also shows that a decline in meme coin sentiment is frequently followed by a bullish spike. During this bull season, the price of SHIB has risen against the market trend, while the majority of the crypto market has remained flat or inactive. When the SHIB price rocketed to new ATHs yesterday, the majority of the crypto market was consolidating.
SHIBA INU Passes Musk Stress Test: What’s Next for Dogecoin?
SHIBA INU not only hit a new high yesterday, but it also passed a key market stress test in the form of Elon Musk. During the first quarter of 2021, the millionaire entrepreneur was able to help Dogecoin (DOGE) reach new highs on his own. Many SHIBA INU supporters believed Musk must be holding some of the meme money because his continual meme posting about Floki dogs has often resulted in a SHIB price increase. He verified yesterday, though, that he did not have any.
After Musk’s remark, the price of the altcoin dropped 15% to around $0.000038, but bullish momentum backed by real trading volume across platforms helped SHIB recover above $0.000040. Given that Musk’s post was responsible for numerous price increases, this was a big triumph for the meme coin.
SHIBA INU jumped to 10th place in the market cap list yesterday and is now ranked at 13. It currently has a market cap of $16.6 billion, whereas Dogecoin (DOGE) has a market cap of $35.4 billion. To have a chance of replacing $DOGE as the top meme currency, SHIB’s price would have to double from here.