Shiba Inu Hits Record High as Bitcoin Eyes Weekly Price Loss

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Shiba Inu (SHIB), the self-proclaimed dogecoin killer, tapped lifetime highs on Sunday as bitcoin appeared on observe to snap its three-week profitable streak.

The Shiba Inu coin traded at $0.0000455 at 11:20 UTC, topping the earlier file value of $0.0000388 reached on May 10, in line with information supply Messari.

Prices for the meme token have risen by almost 50% up to now 24 hours, extending the month-to-date achieve to nearly 500%.

SHIB’s newest leg increased from $0.0000270 comes amid rumors that on-line brokerage platform Robinhood could quickly listing the cryptocurrency. Prices surged over 200% within the month’s first week on the again of elevated shopping for by whales or giant traders.

Read extra: Shiba Inu Coin (SHIB): A Beginner’s Guide 2021

The SHIB coin has picked up a robust bid 4 days after bitcoin’s transfer to a brand new file excessive of $66,975 on Oct. 20 and factors to an elevated danger urge for food within the cryptocurrency markets.

The final SHIB pump noticed in early May additionally got here after bitcoin’s ascent to its then file excessive of $64,888 reached on April 14 and had pundits warning of extreme hypothesis by retail traders and potential for market-wide correction. Bitcoin and the broader crypto market crashed arduous within the latter half of that month.

While SHIB has gone ballistic this month, DOGE has gained simply 27% and nonetheless trades effectively beneath its August excessive of $0.35. DOGE hit a peak value of over $0.73 in early May.

Bitcoin, the highest cryptocurrency by market worth, has chalked up a 37% rally this month on elevated proof of inflation and expectations that the lately launched futures-based exchange-traded funds would deliver extra mainstream cash into the crypto market.

See additionally: Why Shiba Inu Has Been More Resilient Than Some SHIB Haters Would Like to Admit

At the present value of $60,060, the cryptocurrency is nursing a 2.3% weekly loss. Should the decline maintain via Sunday’s UTC shut, it will be bitcoin’s first weekly drop because the third week of September.

A failure to finish the week above the earlier peak value of $64,888 would suggest non permanent uptrend exhaustion and maybe a deeper pullback.