Shiba Inu Hits Document Excessive as Bitcoin Eyes Weekly Worth Loss

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 Shiba Inu coin traded at $0.0000455 at 11:20 UTC, topping the earlier report worth of $0.0000388 reached on Could 10, based on knowledge supply Messari.

Costs for the meme token have risen by almost 50% up to now 24 hours, extending the month-to-date achieve to nearly 500%.

SHIB’s newest leg increased from $0.0000270 comes amid rumors that on-line brokerage platform Robinhood might quickly listing the cryptocurrency. Costs surged over 200% within the month’s first week on the again of elevated shopping for by whales or giant traders.

Learn extra: Shiba Inu Coin (SHIB): A Newbie’s Information 2021

The SHIB coin has picked up a robust bid 4 days after bitcoin’s transfer to a brand new report 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 Can also got here after bitcoin’s ascent to its then report 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 arduous within the latter half of that month.

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

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 convey extra mainstream cash into the crypto market.

See additionally: Why Shiba Inu Has Been Extra Resilient Than Some SHIB Haters Would Prefer to Admit

On the present worth of $60,060, the cryptocurrency is nursing a 2.3% weekly loss. Ought to the decline maintain by Sunday’s UTC shut, it will 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 indicate short-term uptrend exhaustion and maybe a deeper pullback.

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