After changing position in the crypto top 10 in the last 24 hours, SHIB has finally taken Dogecoin (DOGE) position as one of the largest cryptocurrencies in terms of market cap.
Related Reading | SHIB has jumped 50% on ATH amid Robinhood rumors.
According to Press Time, SHIB trades at, 0.000068 with a rally of 44% and 144% on the daily and weekly charts, respectively. On the 30-day chart, Token recorded a huge 865% gain.
The token was introduced as a competitor to DOGE, but with its own team and community. Their combined efforts have been able to bring SHIB to this stage, as it is gaining more popularity.
The token represents the consciousness of creating their own opportunities for retail investors, ranging from a meme coin dumped by the creator of Ethereum Vitalik Buterin.
With millions of gains on the 1-year chart, SHIB could easily be crowned as the king of meme coins. IncomeSharks has become a pseudonymous trader Tracking The price of this token.
Despite its huge rally, cryptocurrency could come close to a sell zone as the surge around Mania ends. As seen below, IncomeSharks compares the performance of SHIB and DOGE and concludes that there are “uniform” market conditions and human behavior.
– Long storage
– Massive Breakout (Millionaire is created)
– Retail wants to be rich
– Begin narrative and value goals
– MEME dog tokens explode
– Top holder cash out
– Panic sale pic.twitter.com/InyBG0xfOI
– IncomeSharks (nIncomeSharks) October 26, 2021
These two factors have allowed SHIB to rise to the top 10, but also suggest an unreasonable market that could suddenly crash. Like DOGE, SHIB whales may be ready for retail dumping:
The irrational market creates a lot of opportunities but you have to remember it doesn’t last forever. Don’t let the unusual behavior of the market change your strategy. Either temporarily flow with it or wait to align with what you feel comfortable with.
Related Reading | Ken Shiva Inu (SHIB) has rallied 266% following the biggest dump in history
Forget SHIB, what’s the next big thing
Market conditions could also tip in favor of the SHIB bull, and the token could continue its impressive rally. As mentioned by IncomeSharks, the dominance of Bitcoin in the market (BTCDOM) has been fluctuating for the last few days.
The metric now stands at a “sweet spot” and may allow altcoins to survive in their price discovery mode. In addition to Shiva Inu, several altcoins have experienced an all-time high or rapid return to their previous highs in the past week, including Solana (SOL), Polygon (MATIC) and others.
Related Reading | Shiva Inu has surpassed Channellink and is ranked in the top 15 crypto-assets.
IncomeSharks tries to stay ahead of the trend. Therefore, he advised investors to take their profits from SHIB and transfer it to MINISHIB, and other meme coins are already giving high returns. He climbed:
I am excited for those SHIB holders to make money, and hope it continues. But when everyone was buying green candles and following the flock I went to the MEME drama which is always there. I got more than 4 returns from this $ SHIB pump. IG DIGINU SNOOD $ SMI and #MINISHIB.