Shiba Inu ($ SHIB), the meme coin that has been carrying its bullish momentum for three days, is up more than 350% in the past week. The altcoin’s price spike helped him get into the top 20 for the first time, and today Shiba Inu jumps to 12th place, briefly outperforming Litecoin ($ LTC) and Chainlink ($ LINK). The $ SHIB price rebounded to a daily high of $ 0.0000346 after rising 0 over 50% that day.
Shiba Inu jumps to 12th place in the crypto ranking
Bitcoin extended its rally above $ 55,000 and approached $ 56,000, closely followed by other cryptocurrencies. Ethereum has leveled off above $ 55,000 at the time of writing while the bulls appear poised for the next attack at $ 4,000.
The Shiba Inur rally continued to pick up during midweek trading where it broke into the top 20 and closed in the top 10. The (self-proclaimed) Dogecoin killer has a market of $ 15.5 billion – Shiba Inu now jumps to 12th place in the market.
The altcoin has seen double-digit gains in the past 4 days, which has brought the almost forgotten altcoin back into the crypto headlines. During this sustained bull run, $ SHIB managed to remove zero from its price after nearly four months of price inactivity. The price momentum is attributed to Elon Musk’s weekend tweet about his Floki Puppy, but the bulk of the trading is done by retail readers, which was observed during the massive Dogecoin rally earlier this year.
Another reason is believed to be massive whale buying, as $ SHIB whales have bought nearly 6.3 trillion Shiba Inu tokens in the past two days alone. The trading volume of $ SHIB on the exchanges currently exceeds that of Bitcoin and Ethereum, which shows that the demand for the meme is currently quite high.
About Shiba Inu
Shiba Inu begins his journey to the moon on a spaceship built by Elon Musk. Billionaire and CEO
from Tesla posted a photo of his pet Floki, Shiba Inu. When fans responded with the headline “Finally Floki is here,” the price of the Shiba Inu began to skyrocket, first by “removing the zero” and then up to $ 0.0000035.
Last Wednesday, the Dogecoin spin-off was one of the most traded cryptocurrencies, with volume surpassing the big altcoins like Cardano, Ripple, Dogecoin and Solana.
MoneyGram and Stellar Foundation have teamed up to display previously supported crypto payments in users’ local currencies. According to an announcement on Wednesday, the payment service provider will process Circle’s USDC payments while converting the cryptocurrency to the local currency.
Stellar’s blockchain will help MoneyGram integrate the entire network with United Texas Bank, which acts as the payment bank between Circle and MoneyGram. MoneyGram’s CEO says his company is optimistic about the role of stablecoins in enabling faster cross-border payments.
Can a Shiba Inu ($ SHIB) remove another zero from its price?
$ SHIB has attempted to remove zero from its price for the past week amid a massive three-digit rally, and is looking to double-digit profits for the third straight day. The altcoin is just 24% below its all-time high of $ 0.0000388, breaking a level where it could enter pricing mode and potentially clear another zero from its price in the coming week.
In the first round of this bull run, Dogecoin led the indictment and its massive surge affected other meme coins as well. However, around the time $ SHIB was on the verge of breaking ATH, $ DOGE remained very inactive and is currently trading below the $ 0.30 mark. $ DOGE could also break out in the coming days as October starts optimistically for the crypto markets.
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