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 worth of $0.0000388 reached on Could 10, based on knowledge supply Messari.
Costs for the meme token have risen by almost 50% prior to now 24 hours, extending the month-to-date achieve to virtually 500%.
SHIB’s newest leg greater from $0.0000270 comes amid rumors that on-line brokerage platform Robinhood could quickly record the cryptocurrency. Costs surged over 200% within the month’s first week on the again of increased buying by whales or massive buyers.
Learn extra: Shiba Inu Coin (SHIB): A Beginner’s Guide 2021
The SHIB coin has picked up a powerful bid 4 days after bitcoin’s transfer to a brand new file excessive of $66,975 on Oct. 20 and factors to an elevated threat urge for food within the cryptocurrency markets.
The final SHIB pump noticed in early May 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 buyers and potential for market-wide correction. Bitcoin and the broader crypto market crashed onerous within the latter half of that month.
Whereas SHIB has gone ballistic this month, DOGE has gained simply 27% and nonetheless trades nicely under its August excessive of $0.35. DOGE hit a peak worth of over $0.73 in early Could.
Bitcoin, the highest cryptocurrency by market worth, has chalked up a 37% rally this month on elevated proof of inflation and expectations that the just lately launched futures-based exchange-traded funds would carry extra mainstream cash into the crypto market.
See additionally: Why Shiba Inu Has Been More Resilient Than Some SHIB Haters Would Like to Admit
On the present worth of $60,060, the cryptocurrency is nursing a 2.3% weekly loss. Ought to the decline maintain by Sunday’s UTC shut, it could be bitcoin’s first weekly drop because the third week of September.
A failure to finish the week above the earlier peak worth of $64,888 would indicate non permanent uptrend exhaustion and maybe a deeper pullback.