It’s happened! Dogecoin Killer, as Shiba Inu is referred to by that name, is surpassing its biggest competitor in market capitalization. It also makes it to the Top 10 largest coins!
While the entire market is bleeding, SHIB is reaching a new ATH
Wednesday, October 27, 2021 is not one of the best days in the cryptocurrency market. The vast majority of coins are taking a deep dive. Meanwhile, dynamic movements can be boasted by Shiba Inu, which knocks out another new peak in its value, thus increasing by more than 700% during the month.
The reason for such intensely growing interest in the cryptocurrency in recent days is the petition that users of the Robinhood app have launched. It is aimed at forcing the authorities of the popular broker to list SHB token in its ecosystem. This action has already collected nearly 330 thousand signatures.
This issue is of fundamental importance for the future of Shiba Inu, despite the fact that this being a meme-coin, it has no particular basis for its existence. However, it is a very popular and extremely highly speculative asset. Any indication of a potential listing in such a large application as Robinhood is entitled to have a very strong impact on the price. And that is what is happening as well. Nevertheless, Robinhood’s authorities, headed by CEO Vlad Tenev, have not particularly addressed the needs of its users, indicating the caution with which they approach the introduction of new coins.
Meanwhile, Shiba Inu’s market capitalization has surpassed the $30 billion barrier, allowing it to not only leapfrog Dogecoin, but even cement its place in the top 10 largest coins.
Shiba Inu (SHIB) from the perspective of technical analysis
Hype is a phenomenon that is difficult to break. However, it should be remembered that all growths come to an end at some point. In the case of the SHIB token, there are many indications that a correction may be just around the corner. After reaching the ATH of $0.00008685, we observe a bearish divergence on the RSI indicator. We can say the same about the Bollinger Bands, which draw attention to the too rapid price movement. In such a situation, a correction should be expected. It becomes very possible to test the May ATH and to establish it as a support.
Fibonacci retracements, in turn, show the potential points of rebound of the current rally. Macro scale, taking into account the spring peak and summer bottom, determines for the moment the resistance in the vicinity of 2.272 of the value of the abolition. Its potential breakout could take SHIB value to the vicinity of 2.618.
SHIB volume on exchanges is falling
Interesting data is shared with us by Santiment. According to the popular analytics platform, the number of SHIB tokens held on exchanges is steadily declining. This means that Shiba Inu speculators are not eager to sell their coins and withdraw them to cold wallets. So does this give room for further meme-coin increases? We will soon find out.