Shiba Inu (SHIB) gains over 25% as the rest of the crypto market bleeds

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Oct 27, 2021
  • SHIB’s gains saw it surge to set a new ATH at $0.0000594 earlier today.
  • SHIB’s capitalization has increased to $22 billion, making it the 11th-largest crypto.
  • Although SHIB is a DOGE spinoff, DOGE is performing poorly after losing 11% in 24 hours.

Shiba Inu (SHIB/USD), the second-largest meme coin after Dogecoin (DOGE/USD), has forged a separate path, defying the direction of the broader crypto market.

With the market bleeding, SHIB has recorded double-digit gains that have pushed it to a new all-time high. These gains have also seen the canine-themed coin become the 11th-largest cryptocurrency by capitalization.

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At the time of writing, SHIB is up 30.21% in 24 hours to change hands at $0.00005687 (£0.000041). This value also represents a 104.88% rise over the past 24 hours.

However, the coin’s current price denotes a 4.35% drop from its ATH of $0.0000594 (£0.000043). Still, it is worth noting that SHIB had plunged to $0.00004925 (£0.000036) before bouncing back.

According to data from TradingView, SHIB’s momentum is unlikely to die down anytime soon. The coin’s technical indicators in the one-day chart are bullish, with the Oscillators neutral and Moving Averages pointing to a strong buying force. This buying force is also seen in the coin’s daily volume, which up 199.08% to hit $19,800,242,930.00 (£14,426,754,002.44).

Stealing DOGE’s thunder

In comparison, DOGE is down 10.84% over the last 24 hours to trade at $0.2422 (£0.18). DOGE’s one-day chart shows that its current bear market will hold. While the Oscillators are neutral, the Moving Averages point to a strong selling force.

Backed by a strong community of retail investors, SHIB seeks to outperform DOGE. Although the coins’ prices are wide apart, SHIB’s capitalization has risen tremendously over the past few days. Over the past 24 hours, the coin’s capitalization has gained 25.86% to hit $22,077,798,791.00 (£16,086,215,366.10)

On the other hand, DOGE’s capitalization has shrunk to $31,741,781,733.00 (£23,130,712,475.56) after losing 10.98%. This market cap makes DOGE the 10th-largest crypto.

With less than $10 billion (£7.29 billion) setting the coins apart, SHIB can topple DOGE and enter the top-10 list of leading cryptos if it maintains its bullish momentum.

Robinhood gears up to list more cryptos

This news comes after Robinhood made its earnings call yesterday, disclosing that its net revenue decreased significantly due to reduced crypto trading in Q3 2021.

According to the company, its crypto business only accounted for $51 million (£37.16 million). In comparison, crypto trading in Q2 accounted for $233 million (£169.79 million) of the total revenue.

With DOGE generating 62% of Robinhood’s crypto revenue in Q2, the decreased revenue shows retail interest in the coin fell in Q3. To this end, the firm’s CEO, Vlad Tenev, said Robinhood is awaiting regulatory clarity before listing more cryptos.

Although the company did not disclose which coins it is considering for listing, it recently surveyed customers, asking them if they had purchased several cryptos over the past three months. Among the listed coins was SHIB.

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