The cryptocurrency market had an eventful weekend. Almost all assets in the sector recorded a notable increase. As Bitcoin (BTC) continues to gain and reach new highs, altcoins are following suit. Amidst this, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have risen much more than their counterparts.
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The meteoric rise of the Shiba Inu
The second largest meme coin managed to beat its counterparts, Tron (TRX) and Toncoin (TON), and entered the coveted top ten. SHIB is currently the 10th largest cryptocurrency, with a market capitalization of $15.64 billion.
Meanwhile, Shiba Inu saw a staggering 56.44% increase over the past two days. The asset rose from a low of $0.00001681 to a high of $0.00002765. At press time, SHIB recorded a slight pullback and was trading at $0.00002652. This follows an 18% rise in the last 24 hours.
Although general market sentiment contributed to the rise, another factor may also have played a role. The prominent trading company Robinhood revealed that Shiba Inu transfers were now available on its European platform. Robinhood has added transfers for several cryptocurrencies, including Bitcoin, Ethereum, Solana, PEPE and Stellar. SHIB is the latest addition to this list. Through this, users can deposit and withdraw SHIB tokens. This further increases the usefulness of the platform for cryptocurrency dealers.
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A ticket to an absolute record?
Shiba Inu reached an all-time high of $0.00008845 around three years ago in 2021. Currently, the meme coin is 70% below that high. Although it may seem too distant, the latest rise in the price of the asset has instilled hope in the market. According to revised forecasts from CoinCodex, SHIB has room to grow during the month. The asset reportedly reached a high of $0.00005185.
It seems that SHIB will take a little more time to return to its all-time high. But the persistent bullish notion in the market is changing the situation for many investors.
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