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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Time To Cash In? SHIB Soars 40% And Snatches DOGE Position In Top 10

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Shiba Inu SHIBA SHIBAUSDT

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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.

Related Reading | Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors

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 SHIBUSDT DOGE DOGEUSDT
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.

Related Reading | Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History

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.

Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

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.

SHIB Shiba Inu DOGE
Source: IncomeSharks via Twitter
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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