Shiba inu surpasses dogecoin and enters the top 10 of cryptocurrencies – Finance – Tecnoblog

the cryptocurrency meme shiba inu (SHIB) continues breaking new price records this Thursday (28) and, for the first time, exceeded the market value of its rival dogecoin (DOGE) and took its place in the top 10 of the most valuable digital coins. The asset is being driven by an extremely engaged community, listings on new exchanges and the launch of its own collection of NFTs.

Shiba Inu token logo (Image: Publicity)

Today, SHIB has risen more than 20% from yesterday’s record price. Now the new historic high of cryptocurrency is US$ 0.00008845, accumulating almost 200% of appreciation only during this week and of more than 870% this month of October, according to data from CoinMarketCap. The currency’s rally throughout 2021 is already so great that an investment of just $2 in January would reach $2 million today.

SHIB price in October (Image: Reproduction/ CoinMarketCap)
SHIB price in October (Image: Reproduction/ CoinMarketCap)

With the new price record, the shiba inu finally surpassed its rival dogecoin in market value. The two cryptocurrencies are based on the same meme from a Japanese Shiba Inu dog, but SHIB seems to have become the new favorite, coming to rank ninth among the ten most valuable cryptocurrencies on the market. However, at the time of publication of this article, the asset had already fallen to the tenth position

Shiba Inu tops dogecoin in cryptocurrency market value ranking
Shiba Inu surpasses dogecoin in cryptocurrency market value ranking (Image: Reproduction/ CoinMarketCap)

According to data from CoinMarketCap, the shiba inu hit a capitalization of $44 billion on Thursday, as new price records were set. Earlier in the day, its market value was $26 billion.

Why did the shiba inu take off?

After all, what made this cryptocurrency take off in such a short time? Driven mainly by very engaged supporters, SHIB began to be seen by the market as a good investment opportunity. New exchanges began listing the digital asset, increasing its exposure to potential buyers, while an official collection of NFTs and a petition generated interaction with the community.

The meme that inspired the dogecoin and shiba inu cryptocurrencies (Image: Reproduction)
The meme that inspired the dogecoin and shiba inu cryptocurrencies (Image: Reproduction)

Listing on new exchanges

One of the biggest factors that helped to raise the price of SHIB this month was the easier access for users to the token, thanks to new listings in several cryptocurrency brokers. Exchanges such as BitKan, AOFEX, StealthEx and CoinFlex have recently started trading digital currency.

In addition, the shiba inu gained significant legitimacy after it announced a partnership with cryptocurrency payments provider NOWPayments. Thus, SHIB can be accepted as a form of payment, used for donations and even for salaries, giving a practical sense to digital currency.

Own collection of NFTs

Another factor that influenced the price of the shiba inu was the launch of a official collection of digital arts on NFTs. The “Shiboshi’s” line created yet another channel of exposure to digital assets, after all, non-fungible tokens continue to be a growing market in the crypto universe and offer another way of interacting with SHIB’s extremely engaged community.

The collection included 10,000 individual NFTs and community members were given 24 hours to purchase them using the LEASH token, the second in the same ecosystem as the shiba inu. All Shiboshi have been created and listed on the OpenSea marketplace.

Growing market interest

A third reason for SHIB’s growing strength was the increase in the number of futures contracts outstanding on various exchanges, including OKEx, FTX and Huobi. Of course, with such a gigantic valuation throughout 2021, the eyes of investors quickly turned to cryptocurrency which is going through the same phenomenon that dogecoin went through.

Cryptocurrency memes offer a high risk as an investment due to their high volatility, but in return they can also bring a surreal return. So many people saw the opportunity to profit a lot in the short term.

Petition for listing in Robinhood

Inspired by the GameStop saga that happened earlier this year, when a large community on Reddit generated a mass purchase of the video game retailer’s stock, SHIB supporters created a move for digital currency to be listed on the Robinhood brokerage.

The digital asset community has been pressing the cryptocurrency listing through a petition on the platform, which already has more than 390 thousand signatures, with more than 50 thousand registered in the last two days alone. The expectation for the inclusion of the shiba inu on the platform is another factor that boosted the currency.

With information: Reuters, Cointelegraph

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