Switching positions in the crypto top 10 during the past 24 hours, Shiba Inu (SHIB) has finally taken Dogecoin (DOGE) position as one of the largest cryptocurrencies by market cap.
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As of press time, SHIB trades at $ 0,000068 with a 44% and 144% rally in the daily and weekly charts, respectively. In the 30 days chart, the token records a massive 865% profit.
SHIB on a massive rally in the 4-hour chart. Source: SHIBUSDT Tradingview
The token was launched as a competitor to DOGE, but with its own team and community. Their collective efforts have managed to bring SHIB to this point, as it continues to gain more popularity.
The token has gone from being a meme coin dumped by the creator of Ethereum Vitalik Buterin to representing the spirit of retail investors looking to create their own opportunities.
With millions in profits in the 1-year chart, SHIB could easily be crowned as the king of meme coins. Pseudonym trader IncomeSharks has been tracking the price of this token.
Despite its massive rally, the cryptocurrency could be approaching a selling zone as the euphoria mania around comes to an end. As seen below, IncomeSharks compared SHIB and DOGE’s performance and concluded that there are “identical” market conditions and human behavior.
$SHIB – Identical human behavior and market conditions to $DOGE (even if it's better).
– Long accumulation– Massive breakout (millionaires are made)– Retail wants to get rich– Narratives and price targets start– MEME dog tokens explode– Top holders cash out– Panic sell pic.twitter.com/InyBG0xfOI
— IncomeSharks (@IncomeSharks) October 26, 2021
These two elements have allowed SHIB to climb all the way up to the top 10, but also suggest an irrational market that could lead to a sudden crash. Similar to DOGE, SHIB Whales could be preparing to dump on retail:
Irrational markets create a lot of opportunity but you have to remember it doesn’t last forever. Don’t let unusual market behavior change your strategies. Either flow with it temporarily or wait for conditions to align back to what you were comfortable with.
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Forget SHIB, What’s The Next Big Thing
Market conditions could also tip in favor of SHIB bulls, and the token could continue its impressive rally. As IncomeSharks has also noted, Bitcoin’s Dominance (BTCDOM) in the market has been moving sideways in the past few days.
The metric stands now at a “sweet spot” and could allow altcoins to persist in their price discovery mode. Several altcoins besides Shiba Inu have experienced all-time highs or a fast return to their previous highs in the past week, including Solana (SOL), Polygon (MATIC), and others.
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IncomeSharks tries to stay ahead of the trend. Therefore, he suggested investors take their profits from SHIB and move it to MINISHIB, and other meme coins already yielding high returns. He claimed:
I’m excited for the $SHIB holders making money, and hope it keeps going. But while everyone was buying green candles and following the herd I went to the MEME plays which are always next. I had higher returns on 4 of these than this $SHIB pump. $DIGINU $SNOOD $SMI and #MINISHIB.
Source: IncomeSharks via Twitter