- Bitcoin (BTC) was only a few dollars short of achieving a new all-time high (ATH) over the past 24 hours.
- Shiba Inu (SHIB) is positioning itself as a viable alternative for those looking to diversify their cryptocurrency investment or those concerned about BTC’s looming selling point from its current top.
Shiba Inu Now
As of this writing at 5:00 AM UTC, Shiba Inu continues its rally to double-digit growth. During the 24-hour chart, it found support at $0.00002281 and resistance at $0.00004534 based on CoinMarketCap data. It’s trading at the $0.000038 level with around 68% gain in this hour.
Interestingly, Shiba Inu is currently the fifth most traded cryptocurrency right now on the platform. The numbers spiked to 300% as $12.72 billion worth of SHIB moved between wallets and exchanges. This also puts its measure of liquidity above 51%, which shows its capability to be bought and sold on an exchange closer to its prevailing value.
There are presently 589,289,410,812,691 SHIB in circulation with a market cap of more than $22.39 billion. The soaring prices allowed the token to reclaim its 10th place among the top cryptocurrencies in the world by market cap, trailing Dogecoin (DOGE) by about $3 billion.
What’s Driving SHIB?
Bitcoin remains the primary driver of the soaring prices in the crypto market right now as it edges closer to its ATH of $68,789.63. Together with it is the hope of the altcoin community that their favorites will also reclaim their record peaks.
SHIB’s ATH was on October 28, 2021, at $0.00008845, which is now the key target of its investors and traders in this bull cycle. Some are even throwing in the prospect of $0.0001 based on the historic surge it attained just before BTC price exploded to its peak back in November 2021.
Thanks to its rise of over 300% within a month, Shiba has emerged as one of the most talked about meme coins on social media lately. There’s an ongoing petition, too, proposing a Shiba Inu ETF due to its rising popularity.
The petitioners claim that Google Trends over the past year has shown a massive spike in interest over SHIB, surpassing Ethereum (ETH) and Ripple’s XRP in searches. Thus, they are urging Grayscale to adopt a spot SHIB ETF to allow its trade over a wider audience and within a regulated environment.
Further driving optimism in the token were the recent social media posts on X of its pseudonymous lead developer, Shytoshi Kusama, suggesting that major developments may be on the table for the meme coin. It came with a rib at DOGE as it positions itself near the other dog-themed coin within the crypto rankings by market cap.