Shiba Inu rally
At the beginning of the month, Shiba Inu’s market cap was less than $3 billion but a rise of over 800% in October has seen that hit over $50 billion. The retreat from the record high seen yesterday has seen Shiba Inu’s market cap drop back below $40 billion, although at the time of writing it is still larger than Dogecoin.
Dogecoin remains well below its all-time high hit in May this year. During that time, huge interest from traders on social media – such as Reddit, Twitter, and Telegram – attempted to push the price to $1, however, the squeeze failed and the cryptocurrency reached just shy of $0.74. At that price, the coin had a market cap of almost $90 billion. At its current price, Dogecoin’s market cap is similar to Shiba Inu’s at just below $40 billion.
Some analysts are calling for a correction in Shiba Inu, indeed the coin already trades 30% below its all-time high hit yesterday. However, it will take a brave trader to bet against an asset that has risen over 800% in less than a month.
From a technical perspective, there is strong support around $ 0.00006000 on the hourly chart, while analysts note several uptrend lines that would need to be broken for the tide to turn.
Shiba Inu currently trades at $0.00007029.
What could be the next Doge or Shiba Inu?
Many are now speculating what the next Shiba Inu or Dogecoin might be. Some are looking at other Dog- or Cat-based coins, such as Kitty Inu or Kishu Inu. Investing.com has received a number of inquiries via email in the last few days as to whether the site could add the Kitty Inu coin, which has already posted gains of over 80% on Friday morning.Leave a comment