Dogecoin competitor Shiba Inu erupts, hitting B market cap as Bitcoin and Ethereum ride resistance

Dogecoin competitor Shiba Inu erupts, hitting $10B market cap as Bitcoin and Ethereum ride resistance

Capital in the crypto markets is shifting towards meme coins as a new week begins.

The dog-themed Ethereum-based crypto asset Shiba Inu (SHIB) soared 40% in the last 24 hours, briefly breaking a market cap of $10 billion.

Rival Dogecoin (DOGE)’s surge from $0.00001259 to $0.00001762 comes just after Bitcoin and Ethereum hit key psychological resistance levels at $25,000 and $2,000, respectively.

DOGE is also on the rise, rising from $0.073 the previous day to a high of $0.084, a jump of around 15%.

Both currencies are fairly quiet when it comes to fundamental developments. The most recent development of Shiba Inu is the addition of the coin to Binance Card, which is a Visa debit card that allows users to earn cash back in the form of crypto.

SHIB remains one of the largest altcoin holdings among the Ethereum whales.

According to on-chain tracker WhaleStats, the Shiba Inu is the fourth largest altcoin among the 5,000 largest Ethereum whales on record.

here’s a Overview of the top ETH altcoin holdings among the largest wallets out there.

  • USDC – $943,954,202
  • USDT – $767,953,374
  • STET – $395,870,787
  • SHIB – $178,686,986
  • ORDER – $116,441,994
  • MKR – $97,634,872
  • LINK – $85,205,448

SHIB is down 80% from its all-time high of $0.00008616, a high reached in October of last year.

Its current price is $0.00001671, which represents a 24-hour gain of around 32%.

In a new note to traders, cryptocurrency exchange Kraken says that ETH was its most active asset last week as a significant number of investors re-entered the market.

“The desk saw steady two-way flows this week. ETH was the most active asset. Many clients took advantage of the strong supply of ETH to reduce risk.

Rather, the breakout attracted marginalized buyers looking to redistribute cash into BTC and ETH. There was also an increase in FLOW queries as the token rallied following the Meta partnership news.”

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Featured Image: Shutterstock/DM7/Sean sinclair/karnoff

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