During an incredible rise, the Shiba Inu coin is seeking a slot among the top ten largest cryptocurrencies.
Retail investors in the #SHIBarmy have fueled a 125% increase in the meme coin in the previous seven days.
In terms of market valuation, it's around $7 billion behind its predecessor, dogecoin.
Shiba Inu coin is on its way to becoming one of the top ten cryptocurrencies, thanks to an army of retail traders who are pushing the token to unprecedented heights.
What is #SHIBArmy?
The hashtag #SHIBarmy trended on Twitter as supporters of the coin congratulated it on closing the gap with dogecoin as the tenth-largest cryptocurrency by market capitalization.
With over 9,000 tweets, the hashtag #SHIBDELETEAZERO trended on Twitter.
"We're one step away from taking over!" wrote "The Shiba Boy," echoing similar views expressed by others in the "SHIB army."
According to CoinMarketCap data, the cryptocurrency named after the meme-famous breed of dog has gained 125.35% in the last seven days.
The cryptocurrency surged 42% to $0.00006291 at 10:24 a.m. in New York on Wednesday, October 27, the most recent day of the rally.
Rise of Shiba Inu Coin
The increase has put the coin within striking distance of the token that inspired it, dogecoin, which is presently ranked 10th with a market cap of around $31 billion.
According to the data, the Shiba Inu coin is roughly $7 billion away from that.
Thousands of retail traders demanded that Robinhood add Shiba Inu trading to its crypto platform, which sparked investor excitement.
On Robinhood's third-quarter earnings call, CEO Vlad Tenev told investors that the company was comfortable with the current coins offered and was waiting for more regulatory clarity.
Top 10 List of Cryptocurrencies
You can use crypto to buy regular goods and services, although many people invest in cryptocurrencies as they would in other assets, like stocks or precious metals.
While cryptocurrency is a novel and exciting asset class, purchasing it can be risky as you must take on a fair amount of research to fully understand how each system works.
Cryptocurrency is decentralized digital money, based on blockchain technology.
You may be familiar with the most popular versions, Bitcoin and Ethereum, but there are more than 5,000 different cryptocurrencies in circulation.
There is a range of great cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of crypto.
These are the top 10 cryptocurrencies by market capitalization, or the total worth of all coins currently in circulation, to help you gain your bearings as monitored real-time by the Coin Market.
Bitcoin (BTC) Market cap: Over $1.1 trillion
Ethereum (ETH) Market cap: Over $470 billion
Binance Coin (BNB) Market cap: Over $ 75 billion
Tether (USDT) Market cap: Over $69 billion
Cardano (ADA) Market cap: Over $65 billion
Solana (SOL) Market cap: Over $57 billion
XRP (XRP) Market cap: Over $47 billion
Polkadot (DOT) Market cap: Over $40 billion
USD Coin (USDC) Market cap: Over $32.4 billion
Dogecoin (DOGE) Market cap: Over $32.2 billion
Shiba Inu (SHIB) Market cap: Over 26 billion
