Shiba Inu (SHIB) overtook Tron (TRX) after the memecoin experienced a sudden 44% price spike in the last 24 hours
SHIB Rallies Above TRX
According to CoinMarketCap data, the price of meme coin Shiba Inu (SHIB) has increased by over 44% in the last 24 hours.
The popular canine coin has already surpassed Tron to take the 13th slot in terms of market capitalization (TRX).
Shiba Inu is closing in on Dai (DAI), a popular decentralized stablecoin that has witnessed a rebound since rival TerraUSD’s meltdown in early May.
Shiba Inu reached a high of $0.000012 on the Binance market earlier today, its highest level since late May. Despite gaining usage, the meme coin is still down 67.48 percent since the beginning of the year.
The canine cryptocurrency started trading on the Bitstamp exchange earlier this month.
Bitstamp Founder Forecasted $20,000 for Bitcoin, $1000 for Ethereum
Hayes, the founder of Bitmex derivatives exchange, spoke out after the red Monday last week that hit both crypto and traditional markets, making it one of the worst days for traders and investors worldwide.
Hayes recommended looking at both listed and unlisted option flows, noting that most open interest is now sitting near $20,000 for Bitcoin and $1,000 for Ethereum, indicating that this is a critical support level in OI.