Dogecoin Competitor Shiba Inu Erupts, Hitting $10,000,000,000 Market Cap As Bitcoin and Ethereum Tap Resistance

Capital in the crypto markets is shifting to meme coins as a new week kicks off.

The Ethereum-based dog-themed crypto asset Shiba Inu (SHIB) soared 40% in the last 24-hours, briefly shattering a $10,000,000,000 market cap.

The Dogecoin (DOGE) rival’s rise from $0.00001259 to as high as $0.00001762 comes just after Bitcoin and Ethereum tapped key levels of psychological resistance at $25,000 and $2,000, respectively.

DOGE itself is also on the rise, moving from $0.073 in the past day to a high of $0.084 – a jump of about 15%.

Both coins are fairly quiet as far as fundamental developments are concerned. The most recent Shiba Inu development is the coin’s addition to Binance Card, which is a Visa debit card allowing users to earn cash back in the form of crypto.

SHIB remains one of the largest altcoin holdings among Ethereum whales.

According to the on-chain tracker WhaleStats, Shiba Inu is the fourth-largest altcoin holding among the 5,000 largest Ethereum whales on record.

Here’s an overview of the top ETH altcoin holdings among the biggest wallets in existence.

• USDC – $943,954,202
• USDT – $767,953,374
• stETH – $395,870,787
• SHIB – $178,686,986
• BIT – $116,441,994
• MKR – $97,634,872
• LINK – $85,205,448

SHIB is down about 80% from its all-time high of $0.00008616, a height reached in October of last year.

Its current price is $0.00001671, representing a 24-hour gain of about 32%.

In a new note to traders, the crypto exchange Kraken says ETH was its most active asset in the past week, as a significant number of investors re-entered the market.

“The desk saw steady two way flows this week. ETH was the most active asset. Many clients took advantage of the strong ETH bid to de-risk.

The breakout conversely attracted sidelined buyers looking to redeploy cash into BTC and ETH. There was also an uptick in FLOW inquiries as the token rallied following partnership news with Meta.”

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