Shiba Inu beats dogecoin, becomes 8th largest cryptocurrency
07:54, 28 October 2021
Shiba Inu entered the top 10 biggest cryptocurrencies on Wednesday morning, quickly jumping ahead of Dogecoin and Polkadot to claim the eighth spot.
The meme-cryptocurrency, represented online by a cheeky Shiba Inu, is up 153% week-on-week and now has a market capitalisation of $42bn – ahead of the now ninth-placed Polkadot and tenth-placed Dogecoin with $41.9bn and $38.4 respectively.
Shiba Inu’s trading volume over the last 24 hours of $42.4bn surpassed that of the biggest cryptocurrency bitcoin ($40.4bn).
Social media-driven rally
The digital token rallied on Sunday when rumours emerged that it would be listed on a Robinhood investment platform for trading.
It rallied to its then-all-time high of $0.0000455 by 11:20 UTC, but was abruptly halted by entrepreneur and crypto enthusiast Elon Musk’s revelation that he does not own any of the cryptocurrency. Musk had previously been seen as supporting it with his Twitter posts.
These included a cryptic emoji that some interpreted as being a Shiba Inu dog holding a rocket, which was supposedly a reference to the token going “to the moon”, and a picture of his newly-arrived Shiba Inu dog, Floki. The latter saw the price of Shiba surge by 67%.
What is your sentiment on ETH/USD?
Shiba dodges cryptic tweet
When Musk was asked by a Twitter user how much Shiba he owns, he simply replied “None”, sending its price down 20%.
But the virtual token quickly rebounded, possibly helped by a petition urging the American financial services company Robinhood Markets to list Shiba Inu on its platform. The petition saw 80,000 add their names since Sunday to the 380,000 signatures already gathered.
Shiba was trading at its all-time high of $0.00007287 at the time of writing.
Read more: SHIB token reaches all-time high after 40% rally
The difference between stocks and CFDs
The main difference between CFD trading and stock trading is that you don’t own the underlying stock when you trade on an individual stock CFD.
With CFDs, you never actually buy or sell the underlying asset that you’ve chosen to trade. You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional stock trading you enter a contract to exchange the legal ownership of the individual shares for money, and you own this equity.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional stock trading, you buy the shares for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks.
CFDs attract overnight costs to hold the trades, (unless you use 1-1 leverage)
which makes them more suited to short-term trading opportunities. Stocks are more normally bought and held for longer. You might also pay a stockbroker commission or fees when buying and selling stocks.
Markets in this article
Related topics