Incredible as it may sound, Shiba Inu is now the 10th largest cryptocurrency by market capitalization, surpassing even its direct competition, Dogecoin.
At the time of this writing, SHIB is trading at $ 0.000083, accumulating a gain of 69.66% during the last 24 hours, and 194.40% during the last 7 days.
Its capitalization reached $ 32,875 million a few minutes ago, taking an advantage of more than $ 1,000 million to DOGE.
The yield that this coin accumulates throughout its short life already exceeds 4,800%, which is leaving totally absurd gains for those who entered at the beginning.
A tweet shared by the Morning Brew newsletter shows how an $ 8,000 SHIB purchase made in August last year has now created a $ 5.7 billion fortune.
This could be the most profitable retail operation of all time.
It is clear that the rise is thanks to a purely speculative wave, in the style of Dogecoin at the beginning of this year, sponsored mainly by Elon Musk.
It’s worth remembering that SHIB’s latest push began when the CEO of Tesla shared a photo of his new Shiba Inu breed pet.
Later assured that it did not own SHIB tokens, although it does hold a bit of BTC, ETH, and DOGE.
However, the speculative tide was already fully unleashed, causing a parabolic rise without any healthy setback in between.
The word amazing falls short of what is happening with this coin.
The volume of the SHIB vs USDT pair doubled that of the BTC vs USDT pair on Binance, so we can deduce that the fall of Bitcoin could be linked to the capital outflow to inject it into Shiba.
Now that Shiba Inu has dethroned Dogecoin, what can we expect next?
The previous analysis was a bit outdated, because although I expected the price to mark a new high before correcting, I did not expect it to be that high.
Now on the daily SHIB vs USDT chart we see a mega bullish candle developing, which is just showing a bit of exhaustion.
At the current point it is more than likely that a correction is about to occur, but the truth is that we should not try to bet against the momentum. At the beginning of this year Dogecoin reached the TOP 4 of the market, there is nothing to tell us that SHIB cannot do it too.
However, there are already many signs that a correction, however small, is about to occur. The moving averages are very far from the price, and on the RSI we see a large bearish divergence in the overbought zone.
I really don’t think the climb will extend too much further, and when the big correction starts, buckle up. “The fall will be biblical,” says Simon Dedic.
All our publications are informative, so in no case should they be accepted as investment advice.