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Shiba Inu (SHIB) Hits A New Peak, Nearing Dogecoin

Shiba Inu (SHIB) reached a record all-time peak of $0.00004860 on the Binance cryptocurrency platform at 12:17 p.m. UTC. According to CoinMarketCap, it has gained 19.2 percent in the last 24 hours, solidifying its position as one of the best Altcoins for the second time in a row. With a market capitalization of $19 billion, it is now the 11th most valuable virtual currency in the world.

Dogecoin is currently in ninth place, with a small 2.26 percent gain, trailed by USD Coin (USDC) in second place. Shiba Inu continues to be the most actively traded Altcoin on Coinbase, with trading volume almost twice that of Bitcoin. Despite failing to gain traction above the critical $63,000 threshold, the cryptocurrency leader is presently in the negative.

In recent weeks, Shiba Inu, an archaic canine token, has received considerable media attention, with CNN among the major media sites to comment on Altcoin’s eye-watering increases. Just this month, the token’s value has increased by an astounding 571 percent.

A Substantial Inverse Connection Between SHIB, DOGE, and ELON

As per Santiment’s most current data, “memecoins” such as SHIB, ELON, and DOGE are moving in inverse conjunction with the “Social Dominance” metric. When the index hits record lows, the value of the abovementioned cryptocurrencies skyrockets.

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Memecoins are becoming increasingly popular. In general, meme-based and social tokens have been the norm in recent times, with Shiba Inu experiencing a 571 percent price increase, Doge experiencing a 28 percent price increase, and Elon Musk experiencing an insane 889 percent price increase in the last month. In some ways, the public, instead of large investors, is the primary fuel for those tokens. Although trading combinations for such cryptocurrencies continue to be highly unstable, there is no effective way to examine them using fiscal or fundamental analysis, leaving traders to rely on on-chain and industry measures such as those offered by Santiment.

Correlation In Reverse

Users may view the price of each currency mentioned as well as the Social Dominance metric on the chart supplied by Santiment. When users “forget” about these tokens and the index begins to move south, their price drops swiftly and only picks up speed back up when giants buy them again.

Santiment Chart. Source: Santiment.net

Whereas the index does have a negative connection with the value of such commodities, it simply illustrates conventional collection and redistribution patterns in which financiers buy assets while ordinary investors are less keen on them. However, as the community takes up on the excitement and begins to buy in, huge addresses take profits and exert selling influence on the commodity, resulting in a swift retracement down. While the asset’s monetary worth declines, so do the individual trader’s enthusiasm.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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