In early October, a tweet from Tesla and SpaceX CEO Elon Musk sent the price of the Shiba Inu meme token soaring. Within days, the price of SHIB quadrupled. The self-proclaimed Dogecoin killer was once again on everyone's lips after a rather weak summer. Last week, a short statement by Musk on Twitter sent the price of the meme token soaring again. However, it was probably another piece of news that sent it to a new all-time high on Sunday.
Robinhood rivals Shiba Inu
The Dogecoin rival, which was only launched last year and has since won over a community of several hundred thousand small investors, has not yet managed to be listed on Robinhood, the platform known for its support of Dogecoin. This is despite the fact that a petition launched by Shiba Inu fans has already collected almost 300,000 signatures. However, Robinhood's reluctance is now being used by its rival Public.com. Since October 20, SHIB can be traded there, as Coincierge writes.
At first, it remained relatively calm around the Shiba Inu price. The SHIB price repeatedly failed to break through the threshold of 0.00003 US dollars. On Saturday evening, however, it moved inexorably towards a new all-time high, which was reached on Sunday afternoon: at 0.00004442 dollars. Currently, the Shiba Inu price continues to hover slightly above the psychologically important mark of 0.00004 dollars. In just a few weeks, the price has risen by more than 1,000 percent. In the last 24 hours, the price has risen by around 45 percent.
Shiba Inu whales with large transactions
Crypto data provider Santiment had predicted a potential price explosion earlier in the week. While Bitcoin, the largest cryptocurrency, reached a new all-time high, Shiba-Inu whales, the largest investors, were apparently already positioning themselves in its shadow. The number of transactions by Shiba Inu whales worth more than $100,000 has increased sharply, Santiment reported on Monday. Such a development would normally be followed by a price increase for SHIB.
According to Coinmarketcap, Shiba Inu currently ranks 12th among the most valuable cryptocurrencies with a market capitalization of around $16 billion – however, the top 10 and thus also the rival Dogecoin are still at over $15 billion. The Shiba Inu would therefore need a further doubling of its price. According to the chart analysis, this would be quite possible in the medium term in a bullish sequence. The listing of the token on other major cryptocurrency exchanges or trading platforms such as Robinhood could provide a boost.
Shiba Inu vs. Dogecoin
Compared to Dogecoin, Shiba Inu is not a "real" cryptocurrency with its own blockchain, but an ERC-20 token based on Ethereum. However, while Dogecoin is currently primarily focused on payment, the Shiba Inu ecosystem offers projects such as an NFT art incubator and the decentralized cryptocurrency exchange Shibaswap. What Shiba Inu and Dogecoin have in common, however, is the dog logo and Elon Musk as an influential supporter.
