Shiba Inu Coin (SHIB) has surpassed its previous All-Time High (ATH) after rising 40% in 16 hours, hitting a high of $0.00003995 earlier today.
This ATH comes after SHIB surged by 15% for the second time in less than a week. At 9:28 AM BST, SHIB's current price is $0.0000384 - down 4.5% on the ATH.
With a market cap of $19.3bn (via CoinGecko), SHIB is now the 11th largest cryptocurrency by market cap. To break into the top 10, it will need to reach a market cap of over $32bn. Dogecoin (DOGE), which is in 9th place, has a market cap of almost $33bn.
SHIB Nears $0.00004 Mark After ATH
SHIB's most recent breakout does not come from an Elon Musk tweet. Instead, the most likely explanation comes from an 800 billion SHIB burn.
Prior to the first breakout, the Binance-16 wallet sent 877,949,459.14 SHIB to a dead address. This was worth around $25,000 at the time of burn, and is now worth $34,000.
After SHIB broke the 0.00003 resistance level, its price then continued to grow as more hodlers bought up SHIB. SHIB's trading volume is now at $8,578,238,276 in the past 24 hours, beaten only by Tether (USDC), Bitcoin (BTC), and Ethereum (ETH).
The new ATH added to the earlier SHIB hype, with the coin now trending on Twitter. Hodlers took to Twitter to celebrate the All-Time High, including the official SHIB account.
While Bitcoin previously hit its ATH this week, most altcoins remain severely down from their ATH. DOGE, for example, is down 66% from an ATH of 0.7376.
SHIB started the month at just $0.000007208 and has risen some 432% since 'Uptober' began. Its previous ATH of $0.0000388 came on May 10.
As SHIB maintains its rise to the heights of crypto, its hodlers apply sustained pressure on Robinhood as they attempt to get SHIB listed on the exchange - most likely as they expect this would trigger its own price surge. A petition asking Robinhood to list SHIB has nearly 300,000 signatures.
SHIB's price rise comes as the wider Shiba ecosystem expands out of the 'memecoin' role it first held. After launching the Shiboshi NFTs earlier this month, Shiba has plans for both an NFT game (the Oshiverse), and Shibarium, a Layer-2 solution.