Shiba Inu SHIB/USD, touted as a Dogecoin DOGE/USD killer, is going from strength to strength. Following its record run on Sunday, the meme currency hasn't lost any of the momentum and is headed higher yet again.
What Happened: Shiba Inu, which touched an all-time high of $0.000044 intraday Sunday, ended the day at $0.000036. The crypto retested the $0.000044 level yet again on Monday but could not break above the level. Profit taking at the day's high pushed the currency lower and it ended the session at $0.000042.
Some blamed the pullback on Elon Musk's reply to a tweet highlighting a Benzinga story on Doge's popularity. Musk said in reply that Doge is the people's currency and he supports Doge.
After moving sideways, Shiba Inu began to rally hard in the last few hours and scaled a fresh all-time high of $0.000048 Tuesday.
Tuesday's volume is lower at 9.2 billion compared to Sunday's 15.34 billion.
In comparison, Doge was seen trading 3.07% higher at 27.023 cents. Bitcoin BTC/USD was seen slipping 0.4% to $62,424.40, off the all-time peak of $66,930.39 reached Wednesday.
Related Link: Clamor For Adding Shiba Inu To Robinhood Grows Louder As The Meme Crypto Shoots For The Moon
Shiba Inu's Market Cap Closes In On Doge: Shiba Inu's market cap is $18.579 billion compared to Doge's $35.579 billion.
If Shiba Inu trades with continued upward momentum, it is likely that crypto traders will move money out of Doge to Shiba Inu, adding further strength to the rally.
Another catalyst that could offer strong support to the rally could be Robinhood Markets, Inc. HOOD listing Shibu Inu.
At last check, Shiba Inu was seen jumping 22.14% to $0.000047.
Related Link: Bitcoin Vs. Shiba Inu
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