Shiba Inu Becomes Top 10 Crypto, Tops Robinhood Market Cap

The shiba inu (SHIB) continued its impressive bull run, soaring 70% over the past 24 hours to a reported market capitalization of over $41 billion according to CoinGecko, while Robinhood’s market cap is at $30 billion.

Shiba Inu has looked strong after managing to shrug off the recent flash crash and reach new all-time highs. This morning it briefly overtook Dogecoin’s market cap and at press time remained among the top ten coins by market capitalization, according to CoinGecko. 

Shiba Inu coin’s market value now rivals the stock-market value of the trading platform Robinhood (HOOD), at $30 billion. SHIB has also bounded over European banking giants Societe Generale ($28 billion) and Deutsche Bank ($26 billion).

SHIB Price

As the time of writing, SHIB is changing hands at a minuscule $0.00008303, according to CoinGecko. Earlier in the day, the SHIB price hit an all-time high of $0.0000763. On a year-to-date basis, the price has jumped 40X.

Shiba Inu will likely continue heading north if buy orders continue to pile up since it does not face any discernable resistance barriers ahead. One potential area that may slow down the uptrend lies around $0.0000737. The Tom DeMark (TD) Sequential’s risk line and the 361.8% Fibonacci retracement level sit around this price point. 

Shiba Inu’s exponential surge suggests it trades in an overbought territory even though it has entered price discovery mode. For this reason, traders should be alert to a potential increase in profit-taking that might lead to a steep correction. One of the most crucial support levels underneath SHIB sits at $0.0000444, which may be able to keep falling prices at bay.