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Wednesday, September 28, 2022

Shiba Inu Storms Into The Top-20 Cryptocurrencies

The ascendancy in the price of Shiba Inu for the month of October has pushed the token of this cryptocurrency to become the 20th largest digital asset. The circulating market valuation of this cryptocurrency jumped to a sum of $11.08 billion previously this week and currently stands above a range of $10 billion- which puts it in the top-20 cryptocurrencies of all-time through the market cap. This has resulted in the meme-currency inspired by Dogecoin turning more valuable than several other blockchain projects like Polygon, Stellar, and Tron. 

Shiba Inu Breaks Through The Top-20

This increase in the valuation of Shiba Inu came on the heels of a tweet that came through Elon Musk. On the 4th of October, the CEO of Tesla posted a picture of his dog- who is named Floki Frunkpuppy. This somehow increased the valuation of SHIB by around 40% an hour after the tweet was posted. Quite a few crypto speculators have decided to read into the tweets of Elon Musk. For example, the entrepreneur was also responsible for pushing the price of Dogecoin earlier this year through Twitter. 

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The price of Shiba Inu increased by around 400% a week after it opened in the fourth quarter of 2021 at a sum of $0.00000725. While doing so, the token went on to retest its high of five months of $0.00003528 on the 7th of October. Nevertheless, SHIB went through a price correction of over 40% on the same date as quite a few traders decided to go down their spot positions for interim profits.

As a result of this, the market cap of the meme currency fell in tandem- where it went as low as $8.06 billion in October. The sell-off thus created across the markets of SHIB, against the Bitcoin and the USD prompted quite a buy-the-dip sentiment. 

The price of Shiba Inu dropped on the 9th of October by around 5% to reach a fresh low of $0.00002575. This has led to the cryptocurrency hinting at forming a potential triangle pattern that is descending- which suggests additional losses down the road. 

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