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Shiba Inu overtakes dogecoin in terms of market cap

The DogeUSD pair closed down 7%, while the SHIBUSD pair rose 64.85% by the close on Wednesday, October 27. On Thursday, DogeUSD spiked 44% to $0.2736, while SHIBUSD fell 36% to $0.000057. Price action rose to an all-time high of $0.000088.

The creator of the Shiba Inu token (Ryoshi) has nicknamed it the "Dogecoin killer". The goal of the project is to surpass Elon Musk's favorite coin in terms of capitalization. Today Shiba Inu is no longer dismissed as a joke, but is rather a meme token with a capitalization of $40 bln. Dogecoin fell back to 10th position, while Shiba Inu moved into ninth position. Elon Musk continues to root for Dogecoin.

Shiba Inu is currently the most talked about token on the Internet. It has generated over 1 million tweets as the price continues to reach new highs. A tweet from Morning Brew garnered 38,600 likes. It tells how a SHIB buyer turned $8,000 into $5.7 bln. No one knows who exactly is behind this wallet, but retail investors are monitoring it to see if the owner will take profit or not. Over the past 24 hours, trading volume stood at $42 bln.

The SHIBUSD pair plummeted 36% to $0.000057 during the Asian session, as profit-taking apparently broke out. Some players had been waiting to buy into the dip and are now snapping up the token at a lower price.

By the time of writing, the price recovered 40% to $0.000079. This is a familiar price pattern, since when profit-taking first breaks out, the price quickly retraces to 75-85% and then moves back down. In terms of its activity and comments, the situation reminds me a bit of the GameStop buying frenzy by Reddit-obsessed retail investors. The only downside here is that the higher the volatility, the more attention the market attracts from regulators.

The demand for tokens might have been triggered by rumors that the Robinhood app might be considering listing Shiba Inu for trading.

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