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Shiba Inu Hits Record High as Bitcoin Eyes Weekly Price Loss

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Shiba Inu (SHIB), the self-proclaimed dogecoin killer, tapped lifetime highs on Sunday as bitcoin appeared on monitor to snap its three-week profitable streak.

The meme token traded at $0.0000455 at 11:20 UTC, topping the earlier file worth of $0.0000388 reached on May 10, in accordance to knowledge supply Messari.

Prices have risen by practically 50% previously 24 hours, extending the month-to-date acquire to nearly 500%.

SHIB’s newest leg greater from $0.0000270 comes amid rumors that on-line brokerage platform Robinhood might quickly checklist the cryptocurrency. Prices surged over 200% within the month’s first week on the again of increased buying by whales or massive traders.

The token has picked up a powerful bid 4 days after bitcoin’s transfer to a brand new file excessive of $66,975 on Oct. 20 and factors to an elevated threat urge for food within the cryptocurrency markets.

The final SHIB pump noticed in early May additionally got here after bitcoin’s ascent to its then file excessive of $64,888 reached on April 14 and had pundits warning of extreme hypothesis by retail traders and potential for market-wide correction. Bitcoin and the broader crypto market crashed laborious within the latter half of that month.

While SHIB has gone ballistic this month, DOGE has gained simply 27% and nonetheless trades effectively beneath its August excessive of $0.35. DOGE hit a peak worth of over $0.73 in early May.

Bitcoin, the highest cryptocurrency by market worth, has chalked up a 37% rally this month on elevated proof of inflation and expectations that the lately launched futures-based exchange-traded funds would carry extra mainstream cash into the crypto market.

At the present worth of $60,060, the cryptocurrency is nursing a 2.3% weekly loss. Should the decline maintain by way of Sunday’s UTC shut, it could be bitcoin’s first weekly drop for the reason that third week of September.

A failure to finish the week above the earlier peak worth of $64,888 would suggest short-term uptrend exhaustion and maybe a deeper pullback.

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