Shiba Inu Hits Record High as Bitcoin Eyes Weekly Price Loss
The previous SHIB coin pump in early May was followed by a market-side sell-off.
Oct 24, 2021 at 3:28 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WMXJCFJ3ERCETA6TJNZ5NQPNKA.webp)
Shiba inu (SHIB), the self-proclaimed dogecoin killer, tapped lifetime highs on Sunday as bitcoin appeared on track to snap its three-week winning streak.
The shiba inu coin traded at $0.0000455 at 11:20 UTC, topping the previous record price of $0.0000388 reached on May 10, according to data source Messari.
Prices for the meme token have risen by nearly 50% in the past 24 hours, extending the month-to-date gain to almost 500%.
SHIB’s latest leg higher from $0.0000270 comes amid rumors that online brokerage platform Robinhood may soon list the cryptocurrency. Prices surged over 200% in the month’s first week on the back of increased buying by whales or large investors.
The SHIB coin has picked up a strong bid four days after bitcoin’s move to a new record high of $66,975 on Oct. 20 and points to an increased risk appetite in the cryptocurrency markets.
The last SHIB pump observed in early May also came after bitcoin’s ascent to its then record high of $64,888 reached on April 14 and had pundits warning of excessive speculation by retail investors and potential for market-wide correction. Bitcoin and the broader crypto market crashed hard in the latter half of that month.
While SHIB has gone ballistic this month, DOGE has gained just 27% and still trades well below its August high of $0.35. DOGE hit a peak price of over $0.73 in early May.
Bitcoin, the top cryptocurrency by market value, has chalked up a 37% rally this month on increased evidence of inflation and expectations that the recently launched futures-based exchange-traded funds would bring more mainstream money into the crypto market.
At the current price of $60,060, the cryptocurrency is nursing a 2.3% weekly loss. Should the decline hold through Sunday’s UTC close, it would be bitcoin’s first weekly drop since the third week of September.
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A failure to end the week above the previous peak price of $64,888 would imply temporary uptrend exhaustion and perhaps a deeper pullback.
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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
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