Shiba Inu is arguably one of the most talked-about cryptocurrencies in the space now. The meme coin had managed to crawl out of growing obscurity to the forefront of the crypto market. While the broader market has suffered alongside top cryptocurrency bitcoin, Shiba Inu has had other plans. Carving out its own growth pattern, the value of the asset had rallied to a new all-time high on Wednesday.
Its break above $0.00004 and the subsequent crash had led the market to believe that the rally would be short-lived. SHIB had promptly fallen back to range $0.00003 range after hitting its new all-time high. But going against expectations, it had resumed its rally again and this time, its price had once again doubled, peaking above $0.00008. SHIB’s price in addition to its total supply has pushed the coin into the top ten cryptos and past its rival Dogecoin.
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Playing With The Big Dogs
Shiba Inu’s entry into the top 10 cryptocurrencies by market cap has put it in a position where it has to square up to bigger projects. One problem for SHIB remains its lack of use cases. Pushing past Dogecoin which has been in the top 10 for a while means that the project will have to evolve if it wishes to retain its prestigious position. Doge used its application as a payment option for its use case expansion. It remains to be seen what SHIB will use to cement its place in the top 10.
SHIB price wavers at $0.00007296 | Source: SHIBUSD on TradingView.com
The meme coin’s price has although not faltered in the face of its lack of use cases. In what looks to be a hype-fueled market, SHIB’s price has maintained its upward momentum for over three weeks.
The primary pull towards the altcoin has been the massive returns. It has returned over 1,000% gains in its recent rally and the push for $0.0001 has continued.
Shiba Inu May Just Be Here To Stay
The Shiba Inu community has continued to push for listing on Robinhood. Public.com, a direct competitor to Robinhood, had listed the meme coin last week in light of increased demand. However, there is still no word from Robinhood regarding the listing of the asset. As the market awaits the trading platform’s decision, an interesting development occurred in the valuation of the two assets.
Related Reading | Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors
SHIB’s rally caused the total valuation of the asset to surpass $40 billion. This has helped it beat out coins like Dogecoin and DOT to move upwards on the crypto top 10. But these are not the only notable projects Shiba Inu has surpassed. Robinhood, on which the meme coin is yet to be listed, is only worth $30 billion. This means that SHIB’s valuation is greater than that of Robinhood.
Featured image from Coingape, chart from TradingView.com