Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October
In comparison, Dogecoin’s October gains so far have come out to be a little over 8%.
Shiba Inu (SHIB) continued its march upward on Oct. 27, with its price hitting a record high of nearly $0.000060 before correcting lower.
SHIB rallied by more than 25% to an all-time high of $0.00005959, crossing above its previous all-time high of 0.00005000, according to data from Binance. The latest move upside pushed the token’s month-to-date (MTD) returns to approximately 726%, making it the fifth-highest grossing cryptocurrency entering the final quarter of 2021.
SHIB’s October gains had slipped to near 606% following a price correction from its record high, still higher than the rest of the top-cap crypto rivals, including Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Solana (SOL).
Still, SHIB’s superior performance particularly stands out against its meme coin rival, Dogecoin (DOGE), whose MTD gains are currently only about 8%. Moreover, Shiba Inu’s market capitalization has now reached $22.1 billion — the 11th-largest — putting it right behind Dogecoin’s $31.53 billion in 10th place.
DOGE’s price underwent an incredible upside boom in the first five months of 2021, rising more than 15,000% amid a retail-led frenzy. In doing so, the king meme token reached its record high of $0.76 on May 8, only to correct by over 68% to trade around $0.23 at press time.