As the new week begins, capital in the crypto markets is shifting to meme coins.
The rise of the Dogecoin (DOGE) rival from $0.00001259 to as high as $0.00001762 comes just after Bitcoin and Ethereum reached key psychological resistance levels of $25,000 and $2,000, respectively.
Shiba Inu (SHIB), an Ethereum-based dog-themed crypto asset, has risen 40% in the last 24 hours, briefly breaking the $10,000,000,000 market cap.
DOGE is also on the rise, rising from $0.073 in the previous day to a high of $0.084 – a 15% increase.
SHIB is still one of the most popular altcoins among Ethereum whales.
In terms of fundamental developments, both coins are relatively quiet. The most recent Shiba Inu development is the coin’s inclusion in Binance Card, a Visa debit card that allows users to earn cash back in the form of cryptocurrency.
Shiba Inu is the fourth-largest altcoin holding among the 5,000 largest Ethereum whales on record, according to the on-chain tracker WhaleStats.
Here’s an overview of the top ETH altcoin holdings among the world’s largest wallets.
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 roughly 80% from its all-time high of $0.00008616 in October of last year.
Its current price is $0.00001671, representing a 32% gain in 24 hours. The crypto exchange Kraken says in a new note to traders that ETH was its most active asset in the previous week, as a significant number of investors re-entered the market.
“This week, the desk saw consistent two-way traffic. The most active asset was ETH. Many clients used the strong ETH bid to de-risk their investments.
News Summary:
- Dogecoin competitor Shiba Inu explodes, hitting $10B market cap as Bitcoin and Ethereum ride resistance
- Check all news and articles from the latest Business news updates.
