Why Dogecoin Rival Shiba Inu Is Up 10% Over The Past Week

Benzinga · 10/17 00:59

Shiba Inu (CRYPTO: SHIB) is trading higher by 10% to the $0.000018-level over the trailing week. Strength comes amid a broader market rally driven by Bitcoin, trading near the $67,000-level.

The surge in Bitcoin has taken 96% of its holders into profit, boosting sentiment across the crypto sector, including Shiba Inu.

Shiba Inu's history of surging alongside its meme coin counterpart Dogecoin (CRYPTO: DOGE), which is up 15% over the past week, adds weight to the argument that a speculative rally could follow in the near future.

What Else: As Bitcoin and Ethereum draw more institutional and retail interest, some of that attention is naturally spilling over to smaller altcoins like Shiba Inu, which can experience rapid price swings in response to overall market excitement.

Additionally, the recent surge in blockchain equity ETFs, which recently saw their largest weekly inflows of the year, is contributing to a broader wave of positive sentiment across the crypto sector. This institutional inflow not only boosts confidence in established cryptocurrencies but also strengthens market momentum for speculative assets like Shiba Inu.

Why This Matters: Originally launched as a meme coin, Shiba Inu has evolved beyond its playful origins to become a serious contender in the cryptocurrency world, bolstered by a passionate community and its expanding ecosystem, which includes decentralized exchanges and NFT initiatives.

Shiba Inu's low cost per token and potential for explosive price movements make it particularly appealing to retail investors looking to diversify their crypto holdings during bullish market phases.

Shiba Inu's rising popularity is also linked to its accessibility for smaller investors. Its extremely low price per token allows for speculative plays with less capital, offering exposure to potential gains driven by social media buzz and community-driven projects.

What’s Next: The influence of altcoins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.