Shiba Inu enters the top 20 of the biggest cryptocurrencies in the market

The DogecoinDogecoin spinoff surpassed popular protocols such as Stellar and Polygon, accumulating a market capitalization of US$11 billion.

The increase in the price of Shiba Inu (SHIB) so far in October has pushed the SHIB token to become the 20th largest digital asset by market capitalization.

Shiba Inu’s outstanding market capitalization jumped to $11.08 billion earlier this week and is currently above $10 billion, placing it in the top 20 by market value for the first time in history. As a result, the Dogecoin-inspired cryptocurrency meme has become more valuable than popular blockchain projects like Stellar (XLM), Polygon (MATIC) and Tron (TRX).

The Shiba Inu’s appreciation followed a tweet published by Elon Musk. On October 4, Tesla’s CEO posted a photo of his pet dog – Shiba Inu – with the caption “Floki Frunkpuppy”. SHIB jumped over 40% an hour after the tweet.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

Cryptocurrency speculators tend to read Musk’s tweets a lot. For example, the billionaire businessman was instrumental in raising the price of Dogecoin (DOGE) in early 2021, through Twitter.

The SHIB price rose nearly 400% a week after opening the fourth quarter of 2021 at $0.00000725. As a result, the token retested its highest five-month high of $0.00003528 on October 7th.

However, the SHIB underwent a 40% price correction when some traders decided to unwind their spot positions to take interim profits. As a result, Shiba Inu’s market capitalization fell in parallel, reaching $8.06 billion on Friday.

The sell-off in Shiba InuShiba Inu markets (against the Dollar and Bitcoin) generated a “buy low” feeling. A rally followed, which pushed the SHIB price up by more than 45%. At its peak on Saturday, the token was changing hands for $0.0003020, with its market value around $10.73 billion.

For you:

Source: https://updateonbitcoin.com/shiba-inu-enters-the-top-20-of-the-biggest-cryptocurrencies-in-the-market/