Shiba Inu () continued to surge on October 27 with a record price near $0.00006.

According to data from , Shiba Inu increased by more than 25% to $0.0005959, surpassing the previous ATH of $0.0005. This upward move has pushed up profits since the beginning of October until now to around 726% and it also became the 5th highest-grossing cryptocurrency in the final quarter of 2021.

While Shiba Inu's October gain has dropped to close to 606% after correcting from record highs, it is still higher than most other cryptocurrencies including , , , .

Shiba Inu (SHIB) surpasses Dogecoin after 700% rally in October
The top five cryptocurrencies rank by October gain. Source: Messari

However, the Shiba Inu's outstanding performance stands out in particular from the month-to-date 8% gain of the company. (). More, the market capitalization of this coin meme has now reached 22.1 billion USD, the 11th largest and ranked right after $31.53 billion in 10th place.

Shiba Inu imitates Dogecoin's bull run?

Shiba Inu launched in 2020 and is inspired by Dogecoin. Eight years on from its launch, Dogecoin is famous for its acceptance by sports clubs and cinema chain AMC as a payment method. It is also seen as a tool for speculation thanks to the signals on the social network of , CEO .

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Price had an amazing boom in the first five months of 2021, growing over 15,00% thanks to the retail trader segment. The gold token in the meme village hit a record high of $0.76 on May 8 and subsequently corrected down over 68%, currently trading around $0.23.

Daily DOGE/USD chart. Source: TradingView

Overall, Dogecoin has been a major trend in the last 12 months, starting with a long period of sideways price (red frame), followed by a strong sustained breakout and a major price correction.

The SHIB/USD chart below shows the price trend of Shiba Inu in recent months which appears to be taking its cues from Dogecoin's breakout and grounding sideways phase.

Daily price chart of SHIB/ reimagining the three phases of Dogecoin. Source: TradingView

Expect a Shiba Inu boom to be similar to Dogecoin's 1,500% rally and set a profit target of close to $0.000135. However, the fractal also warns of major and periodic price corrections towards the EMA20 support line (blue line in the chart above).

Shiba Inu dominance in the crypto market has increased from 0.16% to 0.91% month to date. On the other hand, Dogecoin's control of the market fell from 1.5% to as low as 1.2% during the same period.

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SHIB price on a macro basis

Bloomberg Markets editor Joe Wiesenthal says that Shiba Inu has “advanced smart-contracts” that make it better than Dogecoin.

“For example, ShibaSwap, a like exclusively for the SHIB community. It has and liquidity mining. Meanwhile, Dogecoin has nothing at the moment.”

The recent price hike of the Shiba Inu could also be attributed to the launch of the Shiboshis Social Club on Monday. This online community grants SHIB holders the privilege of receiving created by Shiba Inu, that is Shiboshis.

The number of retail traders also increased sharply following the Shiba Inu bull run. Bacancy Technology data shows that on average Shiba Inu receives 2.8 million searches on Google in 2021, the third highest after and .

Meanwhile, the search volume of Dogecoin only ranks 6th.

A petition for Robinhood to list SHIB on a free exchange on has attracted over 500,000 signatures. Robinhood CEO Vlad Tenev said during the company's earnings press conference that Robinhood is considering adding new coins to its portfolio of services, but did not mention their specific names.

This could be the cause of the SHIB price surge to record highs and signal retail traders' interest in the coin meme.

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“Meme coins have value and are a fully investable portfolio in 2021,” the head of OTC and institutional clients of crypto derivatives exchange FTC told Bloomberg.

“Retail traders seem to be interested in low priced tokens.”

But according to Ben Caselin, head of research and strategy at crypto exchange AAX, SHIB traders should beware of excessive oil prices. Previous models suggest that the token will likely “drop a lot in value” as it is challenged by other coin meme projects.

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