SHIBA INU ($SHIB) Overcomes "Musk Stress Test," Can it Overtake Dogecoin Now?

SHIBA INU ($SHIB), the new star meme coin of the crypto ecosystem is back on the bullish track as it hit a new all-time-high (ATH) yesterday. The 13th largest altcoin by market cap surged over 50% yesterday to first breach the key resistance of $0.000035 and then set a new ATH of $0.0000442. The altcoin is currently trading just above the $0.000040 mark with 6% gains over the past 24-hours.

$SHIB has now surged over 500% in October outshining most of the top crypto assets such as Bitcoin and Ethereum. The bullish momentum led to $SHIB hitting a bigger trading volume than Ethereum yesterday with $14.5 billion in total $SHIB traded. $SHIB trading volume was only behind $BTC and USDT.

Santiment data also indicate that a drop in crowd sentiment for the meme coin has often been followed by a bullish surge. $SHIB price this bull season has surged against the market trend when most of the crypto market remains flat or inactive. Even yesterday, the majority of the crypto market was consolidating when the $SHIB price surged to new ATH.

SHIBA INU Passes Musk Stress Test, Dogecoin ($DOGE) Next?

SHIBA INU not just reached a new ATH yesterday, but also passed a major market stress test in the form of Elon Musk. The billionaire entrepreneur has single-handedly managed to help Dogecoin (DOGE) reach new highs during the first quarter of 2021. His constant meme posting around floki dogs has often led to a $SHIB price surge, thus many SHIBA INU proponents were confident that Musk must be holding some of the meme currency. However, he confirmed yesterday that he doesn’t hold any.

None

— Elon Musk (@elonmusk) October 24, 2021

The price of the altcoin tanked 15% after Musk’s tweet and fell to sub $0.000038 zone, but the bullish momentum backed by real trading volume across exchanges helped $SHIB to recover above $0.000040 again. This was a major win for the meme coin, given Musk’s tweet has been responsible for several upswings in its price.

SHIBA INU rose to the eleventh spot in the market cap ranking yesterday and is currently settled at the 13th spot. It has a current market cap of $15.4 billion, while Dogecoin ($DOGE) boasts of a $35 billion market cap. $SHIB would need to double its price from here to have a chance at replacing $DOGE as the top meme currency.

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Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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