Shiba Inu rises 40% overnight as bitcoin weakens
Shiba Inu is competing with Dogecoin for position in the top 10 digital assets by capitalisation.
The Shiba Inu token saw a notable surge in price, rising 40.3% to $0.00006899 overnight, coming in at number 11 in terms of capitalisation ($26.7 billion). Since the start of October, the token has risen seven times in value, while rival digital asset Dogecoin is up just over 8%.
Having surpassed the $0.00006 level, Shiba Inu has once again rewritten its all-time price record. Dogecoin, which was rising to its all-time high ($0.76) on May 8 this year, was at $0.2494 early on October 28, down 67.1% from its all-time record. However, Dogecoin ranked 9th in terms of capitalisation ($32.93 billion), making it one of the top 10 digital assets by investment volume.
Shiba Inu managed to rise while bitcoin corrected down 5.55% to $58.95k and Dogecoin lost 6.3% overnight. Bitcoin on Wednesday dived below the $60k level for the first time in 10 days, Ethereum is also feeling uncertain at $4k, having entered October 28 at just below it, $3,994k.
In general, the cryptocurrency market was mostly in a minor mood on Wednesday, with only Shiba Inu and Aave (42nd by capitalisation) showing an uptick out of the top 45 digital assets. The total capitalisation of the digital asset market fell to $2.479 billion, reflecting investor expectations for tighter monetary policy from a number of the world’s central banks.
The Bank of Canada announced an immediate end to buying the country’s government debt on the market, moving to a policy of reinvestment, that is, the exchange of some government debt instruments only when they reach maturity for new issues of government bonds.