Shiba Inu at the Door of Top 10 Crypto as Major Tokens Fight

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The logo of the cryptocurrency Shiba Inu displayed on a screen and the representation of the cryptocurrencies are seen … [+] in this illustrative photo taken in Krakow, Poland on June 29, 2021 (Photo Illustration by Jakub Porzycki / NurPhoto via Getty Images)

NurPhoto via Getty Images

Competitor Dogecoin Shiba Inu (SHIB) hit a new all-time high on Wednesday morning, capping the gain of 680% over the past month.

The token meme, which is trading at $ 0.0000569 at the time of publication, was boosted by growing demand from Robinhood to list it on its platform. Over 335,000 people have signed a Change.org petition. Robinhood CEO Vlad Tenev said on a third quarter earnings call on Tuesday that for any new part Robinhood adds, he “will be very cautious.” “We are a regulated entity and we hope to get clarification on the parts soon,” he said. Launched in August 2020, SHIB is now the 11th largest cryptocurrency with a market cap of $ 22.58 billion, according to the data platform Messari. .

SHIB price according to FTX

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Meanwhile, the larger cryptocurrency market is experiencing a 5.5% pullback, with major assets giving up the latest gains. As of 8:33 a.m. EST, bitcoin changes hands at $ 58,881, nearly 6% lower on the day and 13% below last week’s high of $ 67,000. Notably, the Crypto Fear and Greed Index, designed to reflect market sentiment, reached “Extreme Greed” level highs not seen since early March. While these types of metrics are not always accurate at predicting price movements, they could signal that the market may need to undergo a correction, especially when investors get too greedy.

Bitcoin price according to FTX

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Additionally, “traders appear to be moving out of their positions to return to stablecoins,” according to Jan Wuestenfeld, analyst at crypto analysis platform CryptoQuant, as the supply of stablecoins on the exchanges increases. The influx “started an hour before the biggest price drop,” he writes, but the move could be “very short-term, and the money could come back quickly.”

Ether is down 4.2% in the past 24 hours, now at $ 4,012. Cardano, Solana and XRP are the biggest losers in the top 10, trading 7-8% less over the same time frame.

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