David Canellis

Solana (<a href="https://blockworks.co/price/sol" target="_blank" rel="noreferrer noopener">SOL</a>) is eyeing a return to the top 10 cryptocurrencies by market value — now trading only 25% below its price point recorded just before FTX imploded.



SOL sank more than 70% in the months following the <a href="https://blockworks.co/news/bankman-fried-bail-past-indictments" target="_blank" rel="noreferrer noopener">Sam Bankman-Fried scandal</a>, as markets rejected <a href="https://blockworks.co/news/ftx-backed-projects-plunge-as-sam-coins-underperform" target="_blank" rel="noreferrer noopener">crypto associated</a> with the disgraced alleged fraudster.



The trend had <a href="https://blockworks.co/news/shiba-inu-flips-solana-as-markets-play-bankman-fried-for-a-joke" target="_blank" rel="noreferrer noopener">inspired markets to value</a> memecoin shiba inu (<a href="https://blockworks.co/price/shib" target="_blank" rel="noreferrer noopener">SHIB</a>) more than SOL for most of the past few months. 



Solana’s ecosystem meanwhile <a href="https://blockworks.co/news/solana-community-remains-bullish-despite-ftx-fallout" target="_blank" rel="noreferrer noopener">hoped to distance itself</a> from Bankman-Fried, historically one of the network’s <a href="https://twitter.com/SBF_FTX/status/1347964322459262977" target="_blank" rel="noreferrer noopener">loudest proponents</a> and primary backers.



<figure class="wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="Interactive or visual content" src="https://flo.uri.sh/visualisation/12566085/embed#?secret=zb3viM6LIb" data-secret="zb3viM6LIb" frameborder="0" scrolling="no" height="575" width="700"></iframe>
</div><figcaption class="wp-element-caption">Click play to watch SOL and SHIB duke it out</figcaption></figure>



But SOL had spent most of January well ahead of SHIB — now valued at more than $9 billion compared to SHIB’s $6.4 billion.&nbsp;



SOL is currently whiskers shy of the top 10 by market cap, around $600 million short of polygon (<a href="https://blockworks.co/price/matic" target="_blank" rel="noreferrer noopener">MATIC</a>) and $1.6 billion ahead of polkadot (<a href="https://blockworks.co/price/dot" target="_blank" rel="noreferrer noopener">DOT</a>). The token sat ahead of both before its association with Bankman-Fried dragged it downward.



Solana has <a href="https://blockworks.co/news/solana-token-jumps-110" target="_blank" rel="noreferrer noopener">easily outperformed most</a> top assets year to date, jumping from under $10 to nearly $24 — returning around 140%. 



Still, it’s lagging behind bellwethers bitcoin (<a href="https://blockworks.co/price/btc" target="_blank" rel="noreferrer noopener">BTC</a>) and ether (<a href="https://blockworks.co/price/eth" target="_blank" rel="noreferrer noopener">ETH</a>) since the end of October (FTX would <a href="https://blockworks.co/news/ftx-bankrupt-hacked-investigated-a-timeline-of-events" target="_blank" rel="noreferrer noopener">file for bankruptcy</a> two weeks later). BTC is up 11% while ETH is flat.



<figure class="wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="Interactive or visual content" src="https://flo.uri.sh/visualisation/12566338/embed#?secret=zHSHjmhVRV" data-secret="zHSHjmhVRV" frameborder="0" scrolling="no" height="575" width="700"></iframe>
</div><figcaption class="wp-element-caption">MATIC appears to have benefitted from the SBF scandal</figcaption></figure>



MATIC, the native token of Polygon — considered a direct rival to Solana — is up nearly 19% over the same period.



SOL overtaking MATIC to regain its original position would effectively mark the end of Bankman-Fried’s influence over the network.



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Solana Flips Shiba to Regain Footing Post-FTX — Is MATIC Next?

Jon Rice

According to a wallet analysis published by Crypto dot com CEO Kris Marszalek on his official Twitter feed, 20% of all reserves at the exchange are held in the highly speculative memecoin shiba inu (SHIB).



As fear of crypto contagion from the <a href="https://cms.blockworks.co/news/ftx-ceo-bankman-fried-resigns-bankruptcy-proceedings-begin/">FTX meltdown</a> spreads, Marszalek seems eager to prove that any exposure to the crisis is limited, and shared links to a Nansen dashboard that illustrate over $2 billion in reserves.



 A Crypto dot com spokesperson said that “The reason our <a href="https://cms.blockworks.co/news/what-are-proof-of-reserves-and-can-they-build-back-trust/">Proof of Reserves</a> include Shiba is because we hold customers balances 1:1. Thus, our Proof of Reserves are dictated by our customer holdings.”



Bitcoin accounts for 30.67% of the total reserves, while ether is 17.32%. Only 11.99% of the reserves published are held in stablecoins USDC and USDT.



It’s the 19.77% of reserves held in SHIB that will raise eyebrows.


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="551" height="415" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/11/SHIB-reservest-at-crypto-dot-com.jpg" alt="" class="wp-image-38507" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/11/SHIB-reservest-at-crypto-dot-com.jpg?w=551 551w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/SHIB-reservest-at-crypto-dot-com.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/SHIB-reservest-at-crypto-dot-com.jpg?w=341 341w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/SHIB-reservest-at-crypto-dot-com.jpg?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/SHIB-reservest-at-crypto-dot-com.jpg?w=291 291w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/SHIB-reservest-at-crypto-dot-com.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/SHIB-reservest-at-crypto-dot-com.jpg?w=50 50w" sizes="auto, (max-width: 551px) 100vw, 551px" /><figcaption>Image: Nansen</figcaption></figure></div>


Each shiba inu token has a current value of $0.000000979 this morning, representing a market cap of $5.7 billion. CoinGecko data showed that Binance and Coinbase had trading volumes of around $32 million and $25 million respectively.



Read more: <a href="https://cms.blockworks.co/news/what-are-proof-of-reserves-and-can-they-build-back-trust/">What Is Proof of Reserves and Can It Build Back Trust?</a>



SHIB also <a href="https://cms.blockworks.co/news/shiba-inu-flips-solana-as-markets-play-bankman-fried-for-a-joke/">briefly flippened Solana’s token SOL</a> this week as market participants worried about the close ties of the Solana ecosystem to FTX and Alameda.



<figure class="wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" class="wp-embedded-content" sandbox="allow-scripts" security="restricted" src="https://flo.uri.sh/visualisation/11785379/embed#?secret=exsr7aDbUQ" data-secret="exsr7aDbUQ" frameborder="0" scrolling="no" height="575" width="700"></iframe>
</div></figure>



Australian exchange CoinJar decided to delist CRO, the native token of Crypto dot com, earlier this week, explaining that &#8220;In light of recent events, we have decided that [Crypto dot com] Coin (CRO) no longer meets our listing requirements. Unfortunately, we have to take this action on short notice due to ongoing market volatility.&#8221;



Update: November 11 2022 4:42pm ET: Added quote from Crypto dot com spokesperson, contextual update.



Macauley Peterson and David Canellis contributed reporting.



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Funds Are SHIB? Crypto.com Reserves Are 20% Memecoin

The dog-themed meme cryptocurrency Shiba Inu has flipped Solana — a proof-of-stake blockchain favored by institutional players — as traders balk at protocols associated with Sam Bankman-Fried, FTX’s embattled chief executive.&nbsp;



Solana (SOL) was the 10th largest cryptocurrency by market capitalization at the end of October. It was then valued at $11.8 billion, trading around $33 per token.&nbsp;



SOL now fetches just $14.21, with a market cap of less than $5.1 billion. The drop is good for a pearl-clutching 56% drop since Halloween, shedding 40% over the past 24 hours alone.&nbsp;



Solana is now ranked 16th overall, a hair ahead of <a href="https://cms.blockworks.co/huobi-stablecoin-plunges-70-as-justin-sun-readies-tron-replacement/" target="_blank" rel="noreferrer noopener">Justin Sun’s</a> TRON blockchain.&nbsp;



Dogecoin rip-off Shiba Inu (SHIB), on the other hand, now has a market cap above $5.1 billion, despite itself having lost 32% of its value in the past week.



Ironically, the token exists on <a href="https://cms.blockworks.co/what-it-takes-to-halt-a-decentralized-blockchain-like-binance/" target="_blank" rel="noreferrer noopener">BNB Chain</a>, the branded blockchain deployed by top crypto exchange Binance, which <a href="https://cms.blockworks.co/1-binance-ftx-deal-is-off-unless-ftx-us-is-part-of-the-package-source/">just pulled out</a> from its FTX buyout <a href="https://cms.blockworks.co/binance-is-buying-ftx-a-timeline-of-events/" target="_blank" rel="noreferrer noopener">floated only yesterday</a>.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="457" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png" alt="Shiba Inu is now worth more than Solana" class="wp-image-38092" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/Screen-Shot-2022-11-10-at-00.25.05-1024x457.png?w=50 50w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Solana, now worth less than shiba inu, is still higher than TRON&#8230; barely</figcaption></figure>



Bankman-Fried has long been one of Solana’s most <a href="https://twitter.com/SBF_FTX" target="_blank" rel="noreferrer noopener">vocal</a> supporters and has directly supported much of the ecosystem’s growth over the years.



Still, the situation is grim across the board. Bitcoin is down 15% on the day, <a href="https://cms.blockworks.co/crypto-equities-slide-as-investors-digest-ftx-fall-midterm-results/" target="_blank" rel="noreferrer noopener">trading below</a> $16,000. Ether has tumbled more than 18% and is struggling to remain above $1,100. Bitcoin is now at its lowest point since December 2020, back when President Donald Trump was still (barely) a thing.



Cryptocurrency’s collective market cap has tanked 25% since Sunday, the day Binance CEO Changpeng &#8220;CZ&#8221; Zhao first <a href="https://twitter.com/cz_binance/status/1589329217874931712" target="_blank" rel="noreferrer noopener">warned</a> he’d soon be dumping more than half a billion dollars in native FTX token FTT.



FTT was the 24th most valuable token at the time, valued at $3.2 billion. Its price has since imploded from $24 to $2.28, causing it to flounder at rank 100 with a market cap of just $309 million — a 90% collapse.&nbsp;



Woof.



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Shiba Inu Flips Solana as Markets Play Bankman-Fried for a Joke

Crypto is conflicted.&nbsp;



Leading projects, including Bitcoin and Ethereum, have attracted significant attention from Wall Street, which now, at last, is taking cryptocurrency’s value propositions quite seriously.&nbsp;



And then you have the dog coins, the meme coins, the joke coins: starting with dogecoin (DOGE) and its knock off, shiba inu (SHIB).&nbsp;



The ever-institutionalized digital asset industry pretends it’s above such nonsense, but these tokens remain some of the most valuable. Both DOGE and SHIB are <a href="https://www.coingecko.com/" target="_blank" rel="noreferrer noopener">within</a> the top 15 cryptocurrencies by market capitalization — the former nearly worth more than venture capital darlings Solana and Polkadot combined.



It’s an uncomfortable quirk, one increasingly exacerbated by Elon Musk.&nbsp;



Ever since the SEC targeted the maverick billionaire for influencing Tesla’s stock price with his tweets, Musk has turned engagement-farming dogecoin diehards into sport, leading to a clear correlation between the Tesla founder’s tweets and the price of DOGE.



Musk has tweeted about dogecoin dozens of times over the past few years — sending it higher more <a href="https://protos.com/elon-musk-dogecoin-cryptocurrency-bitcoin-ethereum-tweets/" target="_blank" rel="noreferrer noopener">often</a> than not, albeit typically temporarily. It makes some degree of sense: traders lust for short-term price signals to pump and dump so-called shitcoins, trapping naively eager newbies into dangerous momentum plays in an infamously volatile asset class.&nbsp;



So, quelle surprise that DOGE more than doubled this week as Musk prepared to take over Twitter following his long-awaited $44 billion leveraged <a href="https://cms.blockworks.co/crypto-faithfuls-await-elon-musks-blockchain-plans-for-twitter/" target="_blank" rel="noreferrer noopener">buyout</a>. And queller surprise-plus that Musk <a href="https://twitter.com/elonmusk/status/1587297730631696384" target="_blank" rel="noreferrer noopener">tweeted</a> a picture of his pet Shiba Inu rocking a smock with a giant Twitter logo as that pump reached its crescendo, further fanning the pungent odor of speculatory bear market shenanigans.



It’s a pump driven by the frothy DOGE faithful pining for Twitter to integrate their favorite token for microtransactions and payment processing more broadly. This is despite the social media giant already supporting <a href="https://blog.twitter.com/en_us/topics/product/2021/bringing-tips-to-everyone" target="_blank" rel="noreferrer noopener">tips</a> in bitcoin and ether for more than a year. And there’s a potential new avenue: Musk’s <a href="https://cms.blockworks.co/what-the-new-twitter-verification-process-means-for-web3/" target="_blank" rel="noreferrer noopener">plans to charge for verified accounts</a>.&nbsp;



Wary, seasoned investors might look to value Dogecoin by its fundamentals. Musk was once interested in supporting Dogecoin development, its developers <a href="https://decrypt.co/70945/exclusive-dogecoin-developers-say-theyve-been-working-with-elon-musk-since-2019" target="_blank" rel="noreferrer noopener">say</a>, back when Tesla was eyeing its first bitcoin purchases. The idea was to work with its few remaining builders to optimize its throughput, fleshing out its potential utility as the meme-currency of the internet.



Throughput is not exactly a pressing concern for the network, considering practically <a href="https://bitinfocharts.com/comparison/transactions-btc-eth-doge-ltc-etc-dogecoin.html#3y" target="_blank" rel="noreferrer noopener">nobody</a> uses it (Dogecoin’s transactions are almost 90% lower than Bitcoin’s; boomer-chain Litecoin sees three times the amount; and even bygone network Ethereum Classic boasts about double.)



An open secret of crypto, though, is that clear <a href="https://cms.blockworks.co/crypto-doesnt-care-about-fundamentals-is-that-sustainable/" target="_blank" rel="noreferrer noopener">fundamentals</a> are inherently bearish for most blockchain valuations. Price discovery and related volumes are still mostly driven by pie-in-the-sky concepts of what might one day become of a favored protocol.



Still, sans-network effects, centralization of supply could prove a worthy reference. Half of all DOGE belongs to just 10 wallet addresses, 35% of which is custodied <a href="https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html" target="_blank" rel="noreferrer noopener">directly</a> on Robinhood and Binance — one click away from sell-side order books.&nbsp;



Zooming out, the top 100 Dogecoin addresses control, ironically, 69% of supply. The top 100 bitcoin (BTC) addresses, meanwhile, <a href="https://bitinfocharts.com/bitcoin/" target="_blank" rel="noreferrer noopener">command</a> less than 16% of all BTC in circulation.&nbsp;



These stats should concern all DOGE holders, especially last year’s <a href="https://www.cnbc.com/2021/07/20/dogecoin-investor-is-no-longer-a-millionaire-but-still-buys-the-dips.html" target="_blank" rel="noreferrer noopener">millionaires</a> who’ve turned their stacks into their savings. A small number of whales have turned Dogecoin into a zero-sum game of hot potato. The preeminent strategy for everyone else: Trust the — often anonymous — whales to not crash the price, so, one day, they themselves might become the whale and dump their own, instead.



But there’s an even bigger threat: Musk’s fleeting attentiveness is now its primary value proposition — proving centralization of attention is a specter already haunting the most recent wave of buyers.



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The Distressing Inevitability of the Upcoming Dogecoin Crash

Shalini Nagarajan

Sebastian Sinclair

<div id="highlights-block_62fe41a68c990" class="highlights">
 <ul>
 <li>Dogecoin and shiba inu have made huge gains alongside meme stocks Bed Bath &amp; Beyond and AMC</li>
 <li>“It seems like there&#8217;s still quite a bit of money out there that people are willing to risk, which is a good sign,” one crypto CEO told Blockworks.</li>
 </ul>
 
</div>



The frenzy around meme stocks is back, echoing the headiest highs of last year — and it’s spilling over into meme cryptocurrencies such as dogecoin and shiba inu.



Home retailer <a href="https://www.tradingview.com/chart/?symbol=NASDAQ%3ABBBY" target="_blank" rel="noreferrer noopener">Bed Bath &amp; Beyond</a> (BBBY) has surged up to 360% in August, including a 67% rally on Tuesday, after Redditors were inspired by GameStop chair Ryan Cohen’s sizable stake in the firm.



Cinema chain <a href="https://www.tradingview.com/chart/?symbol=NYSE%3AAMC" target="_blank" rel="noreferrer noopener">AMC</a> has also seen a resurgence, having jumped almost 47% in the month to date, as of Wednesday’s close. Retail investors last year saved the firm from bankruptcy and thwarted its short sellers.



Game retailer and seminal meme stock <a href="https://www.tradingview.com/chart/?symbol=NYSE%3AGME" target="_blank" rel="noreferrer noopener">GameStop</a> (GME) has also found fresh retail interest, albeit relatively smaller, with 19% gains over the same period.&nbsp;



These moves represent a turnaround in risk assets from a relatively quiet July, when the macro environment was more tense. In the past few months, markets remained spooked by tighter monetary policy to combat soaring inflation and warnings about the <a href="https://www.wsj.com/livecoverage/stock-market-news-today-08-16-2022/card/market-sentiment-improved-a-little-bofa-fund-managers-survey-u9BVKM4cKTHi8ECRMK1icard/market-sentiment-improved-a-little-bofa-fund-managers-survey-u9BVKM4cKTHi8ECRMK1i" target="_blank" rel="noreferrer noopener">onset of a recession</a>.



Recent meme stock frenzy has coincided with a jump in their cryptocurrency counterparts. <a href="https://www.blockworksresearch.com/assets/doge" target="_blank" rel="noreferrer noopener">Dogecoin</a> is up about 16% this month while copy-cat <a href="https://www.blockworksresearch.com/assets/shib" target="_blank" rel="noreferrer noopener">shiba inu</a> has gained 24%. For scale, bitcoin has only broken even; ether has popped 9%.



Gains in these riskier corners of the market appear to arise from market events somewhat stabilizing, with stocks climbing from their mid-June lows, according to Jae Yang, CEO of crypto software firm Tacen. Benchmark indexes S&amp;P 500 and NASDAQ 100 are both up around 4%, led slightly by the latter.



“It seems like there&#8217;s still quite a bit of money out there that people are willing to risk, which is a good sign,” Yang told Blockworks, adding that traders tend to wait for a volatility squeezes and catalysts to push trade volumes.&nbsp;



<h3 class="wp-block-heading">Why meme coins are still relevant</h3>



In January 2021, the infamous GameStop short squeeze brought attention to stocks that were highly-shorted by Wall Street institutions. A group of Reddit traders then banded together to pump similarly embattled stocks in a meme-fueled defiant display of retail power and influence over the stock market.&nbsp;



Meme coins, on the other hand, refer to cryptocurrencies whose brand derives from a popular online meme or viral image. In the cases of shiba inu and dogecoin, the meme is a breed of Japanese hunting dog.&nbsp;



This trait is apparently more relatable to the retail investor crowd, as compared to Ethereum’s more technical octahedron, for example.



While they’re not designed to offer competition on the utility front to major players like bitcoin and ether, they are fun to trade, Santiago Portela, CEO of Web3 firm FITCHIN told Blockworks in an interview.



“I think there&#8217;s a group of people — and we&#8217;re not talking about five or 10 but in the 1000s — that really like the concept of meme coins, meme stocks and saying ‘I&#8217;m just having fun, and I want to have fun’,” Portela said.



The phenomenon of investing in dog coins first struck a major chord during the previous crypto bull run, when Tesla CEO Elon Musk began hyping dogecoin on social media. 



Musk once described it as his “<a href="https://twitter.com/elonmusk/status/1113009339743100929?lang=en" target="_blank" rel="noreferrer noopener">fav cryptocurrency</a>,” but it’s often hard to tell whether Musk is serious (he later <a href="https://www.theguardian.com/technology/2021/may/09/dogecoins-value-tumbles-after-elon-musk-calls-the-virtual-currency-a-hustle" target="_blank" rel="noreferrer noopener">referred</a> to dogecoin as a “hustle” on Saturday Night Live, causing its price to sink up to 35%).



<h3 class="wp-block-heading">Ethereum Merge could drive momentum alongside meme stocks</h3>



Pumping meme asset prices has led dogecoin and shiba inu’s correlation with meme stocks to rise dramatically over the past month.&nbsp;



Shiba inu’s 40-day correlation with AMC, for example, is now at 0.79 (with 1 being exactly correlated), up from -0.12 one month ago, according to TradingView.&nbsp;



Dogecoin’s correlation with GME and BBBY has made almost analogous moves — but so has ether’s and bitcoin’s. In fact, ether’s correlation with AMC is now at 0.82, way up from -0.34 recorded in mid-July.



“Meme coins are usually the ones most affected by bear markets as participants usually invest aiming to capture a speculative rally that could trigger huge returns,” said Manuel Ortiz-Olave, co-founder at tokenization platform Brickken.



Daniel Tal, project lead at crypto infrastructure startup ICHI, said the market for meme coins is wholly based on speculation, and that sentiment is currently driven by the approach of <a href="https://cms.blockworks.co/the-investors-guide-to-the-ethereum-merge/" target="_blank" rel="noreferrer noopener">Ethereum’s Merge</a>, which will see the blockchain switch from proof-of-work to proof-of-stake.&nbsp;&nbsp;



“While you do see larger usage of some coins like dogecoin in the last two months, I think that may have little to do with the increase in price,” Tal said.&nbsp;



He reasoned that ETH’s recent price growth, fueled by the Merge, has brought shiba inu and dogecoin along for the ride, “as retail users flock back to crypto with the hype around the event.”



David Canellis contributed reporting.



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Meme Stocks Are Back — and They’ve Brought Dogecoin and Shiba Inu

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
 <ul>
 <li>MKR price soars as Dai adoption picks up steam.</li>
 <li>LUNA nears an all-time high on a number of near- to medium-term catalysts.</li>
 </ul>
 
</div>



There are three primary types of stablecoins; fiat-backed, overcollateralized and algorithmic.



The adoption of decentralized stablecoins, namely Dai and UST, has been increasing. 



MakerDAO&#8217;s governance token, MKR, is on a tear as Dai adoption picks up. 



LUNA is inching toward an all-time high on a number of near- to medium-term catalysts. 



SHIB retraces on <a href="https://cms.blockworks.co/shiba-inu-owner-moves-2-76b-to-four-different-wallets/" target="_blank" rel="noreferrer noopener">news</a> that a wallet holding $5.7 billion of SHIB moved a large portion of the funds into four different wallets, likely to be sold.



NFTs tread water as the assets they are priced in continue to race higher. 



<h3 class="wp-block-heading">Latest in Macro:</h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,660, +.65%</li><li>NASDAQ: 15,811, +1.04%</li><li>Gold: $1,770, -.42%</li><li>WTI Crude Oil: $80.11, -4.53%</li><li>10-Year Treasury: 1.603%, +.067%</li></ul>



<h3 class="wp-block-heading">Latest in Crypto:</h3>



<ul class="wp-block-list"><li>BTC: $63,204, +.40%</li><li>ETH: $4,615, +2.12%</li><li>ETH/BTC: .0730, +.60%</li><li>BTC.D: 43.32%, -.88%</li></ul>



<h3 class="wp-block-heading">DAI and UST adoption continues</h3>



Stablecoins are a form of digital asset that aim to peg their market value to an external reference such as the US dollar. Some of their main use cases include interacting with different applications in DeFi or for remittance payments. 



The stablecoin market has grown to nearly $128 billion, representing an increase of roughly 500% over the last 12 months, according to a <a href="https://home.treasury.gov/system/files/136/StableCoinReport_Nov1_508.pdf" target="_blank" rel="noreferrer noopener">report</a> released by the US Treasury earlier this week. 



There are three main categories of stablecoins:



<ul class="wp-block-list"><li>Fiat-backed<ul><li>The two largest stablecoins, USDC and USDT, are fiat-backed stablecoins issued by the companies Circle and Tether respectively. Theoretically these companies hold $1 of reserves for every 1 USDC/USDT that is issued so that holders of the tokens have redemption rights.<ul><li>Some problems with fiat-backed stablecoins include: trusting that a centralized entity does in fact hold the reserves they claim and holders being subject to censorship by governments wherever they are domiciled. </li></ul></li></ul></li><li>Overcollateralized<ul><li>For every stablecoin that is minted into the market, there is overcollateralization of various crypto assets to back it. The peg is maintained through arbitraging opportunities. Borrowers who mint overcollateralized stablecoins must maintain a minimum amount of collateral in USD terms in order to avoid being liquidated. <ul><li>Some problems with these types of stablecoins include: they can only be minted if the market has an appetite to borrow against their assets, which may not be able to match the parabolic demand stablecoins have seen to date. Also, the stablecoin is only as good as the collateral that backs it. </li></ul></li></ul></li><li>Algorithmic<ul><li>With this type of stablecoin, on-chain incentives ensure the stablecoin maintains its price peg. There is no outside collateral backing these stablecoins and they are highly experimental. <ul><li>One of the main problems with algorithmic stablecoins is if the on-chain incentives fail, the stablecoin could be de-pegged and potentially go to zero. </li></ul></li></ul></li></ul>



<h3 class="wp-block-heading">MKR and Dai</h3>



Dai is an overcollateralized stablecoin native to MakerDAO (MKR). It is the largest decentralized stablecoin and can be minted on <a href="https://oasis.app" target="_blank" rel="noreferrer noopener">Oasis</a> by connecting a wallet and posting a digital asset as collateral. 



The total Dai supply sits at 8.13 billion, which marks an increase of 672% over the last 12 months. 



Critics say that it is not sufficiently decentralized because a large portion of the collateral used to generate Dai is USDC, a fiat-backed stablecoin referenced earlier. However, USDC now only makes up 33.4% of Dai collateral, down from over 50% months earlier, <a href="https://decrypt.co/84958/ethereum-primary-collateral-decentralized-stablecoin-dai" target="_blank" rel="noreferrer noopener">according</a> to writer Emily Tonelli. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="562" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png" alt="" class="wp-image-10388" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.07.43-PM-1024x562.png?w=1032 1032w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: daistats.com</figcaption></figure>



<h4 class="wp-block-heading">MRK revenues</h4>



MKR&#8217;s revenues are derived from three main sources, <a href="https://messari.io/article/makerdao-valuation" target="_blank" rel="noreferrer noopener">according</a> to a Messari report:



<ol class="wp-block-list"><li>Interest revenues from overcollateralized loans</li><li>Liquidation revenues from fees charged on liquidated vaults</li><li>Stablecoin trading fees from the Price Stability Module (PSM)</li></ol>



The report continues by explaining how the income generated by the Maker protocol indirectly accrues to token holders. Currently, cash flows are used for three main purposes being:



<ol class="wp-block-list"><li>Covering the protocol’s development and operational costs</li><li>Building a safety buffer to cover potential liquidation losses (a.k.a. surplus buffer)</li><li>Buying and burning MKR tokens out of circulation</li></ol>



The MKR token is therefore a beneficiary of further Dai adoption. As the Dai supply expands, the revenues generated should also increase barring any changes to the protocol:



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="802" height="611" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.26.37-PM.png" alt="" class="wp-image-10390" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.26.37-PM.png?w=802 802w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.26.37-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.26.37-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.26.37-PM.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.26.37-PM.png?w=343 343w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.26.37-PM.png?w=287 287w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-4.26.37-PM.png?w=80 80w" sizes="auto, (max-width: 802px) 100vw, 802px" /><figcaption>Source: Token Terminal</figcaption></figure></div>



Sam MacPherson, a protocol engineer at MakerDAO, took to <a href="https://twitter.com/hexonaut/status/1455507332469821440?s=20" target="_blank" rel="noreferrer noopener">Twitter</a> to announce the D3M initiative which will give one of the largest borrowing and lending protocols on Ethereum, Aave, privileged access to mint Dai once the test debt ceiling is raised. This has MakerDAO enthusiasts excited about Dai expansion and further price appreciation of its governance token: MKR. 



The MKR token was last trading at $3,190, up 32.66% over the last five days.



<h3 class="wp-block-heading">LUNA and UST</h3>



Terra&#8217;s largest stablecoin, UST, is algorithmic. There is no collateral backing UST other than its reserve token, LUNA, which has a fixed supply. Whenever one UST is minted, one dollar worth of LUNA must be burnt.



&#8220;LUNA helps to maintain UST’s peg to the dollar by an arbitrage mechanism. Whenever UST trades above the peg, users can send 1 dollar worth of LUNA to the system and receive 1 UST,&#8221; according to a Messari <a href="https://messari.io/article/terra-the-defi-giant-reaching-mainstream-adoption" target="_blank" rel="noreferrer noopener">report</a>. &#8220;Conversely, when UST trades below the peg, users can send 1 UST to the system to receive 1 dollar worth of LUNA. In both cases, users are incentivized to arbitrage and help maintain UST’s peg to the dollar.&#8221;



Due to the fact that LUNA is burned in order to mint UST, LUNA holders relentlessly push for further adoption of UST. 



UST has experienced explosive growth, climbing to a circulating market cap of over $2.8 billion. But during spikes of volatility in crypto markets, the stablecoin has lost its peg as seen in the chart below:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="521" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png" alt="" class="wp-image-10391" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/UST_Circulating-Marketcap_2021-11-03-1024x521.png?w=1215 1215w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Messari</figcaption></figure>



In May of 2021 when digital assets crashed, UST holders were spooked and there was a roughly 25% contraction in the circulating supply which led the price of UST to drop below its $1 peg. 



This type of bank run on algorithmic stablecoins is often referred to as a &#8220;death spiral,&#8221; where the entire economy crashes to zero. This has happened to numerous algorithmic stablecoins in the past.



&#8220;The reason why Terra has been resilient during market contractions is because there is a vibrant economy that is being built on the Terra blockchain and I think that&#8217;s the best defense that algorithmic stablecoins can have against death spirals,&#8221; said Do Kwon, co-founder of Terra, in a <a href="https://members.delphidigital.io/reports/terra-autumn-series-ep-1-kickstarting-terra-autumn-with-do-kwon/" target="_blank" rel="noreferrer noopener">podcast</a>. 



<h3 class="wp-block-heading">LUNA nears ATH on bullish catalysts</h3>



<ul class="wp-block-list"><li>UST supply expansion which was previously discussed.</li><li>MIM&#8217;s UST Degenbox is set to roll out soon, according to a medium <a href="https://abracadabramoney.medium.com/our-ust-strategy-the-first-application-of-the-magic-potentialities-of-degenbox-ea35f13d6b5e" target="_blank" rel="noreferrer noopener">article</a> by Abracadabra.Money.</li><li><a href="https://anchorprotocol.com" target="_blank" rel="noreferrer noopener">Anchor protocol</a> offering a 19.5% fixed APY on UST deposits.</li><li><a href="https://terra.smartstake.io/history" target="_blank" rel="noreferrer noopener">283.05 million</a> LUNA are staked out of the 399.88 million circulating supply, making 70.7% of the circulating supply illiquid.</li><li>A pending <a href="https://agora.terra.money/t/communitypoolspendproposal-burn-pre-col5-community-pool/2429" target="_blank" rel="noreferrer noopener">proposal</a> to burn roughly 10% of the LUNA supply from the community pool to bootstrap UST liquidity for an insurance protocol called Ozone. This would mark one of the largest burns of a major protocol to date.</li><li>A recent <a href="https://twitter.com/chjango/status/1453860654893305861?s=20" target="_blank" rel="noreferrer noopener">interview</a> with Do Kwon where he states there are plans to create a stability augmentation platform with $1 billion worth of BTC to back LUNA with the most pristine collateral in the digital asset realm. </li></ul>



There are also numerous protocols launching on Terra in the coming months which many expect will drive organic demand for UST, and thus lead to more LUNA being burned. There are too many projects to go into detail here, but the following Twitter thread provides a detailed overview:



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Few realise it, but <a href="https://twitter.com/hashtag/TerraAutumn?src=hash&amp;ref_src=twsrc%5Etfw">#TerraAutumn</a> is coming 🌖🍂 The pieces will start falling into place once Columbus 5 goes live in late September In this thread, I share my mental model for <a href="https://twitter.com/terra_money?ref_src=twsrc%5Etfw">@terra_money</a> and guide to the end of year setup as I see it 👇&mdash; José Maria Macedo (@ZeMariaMacedo) <a href="https://twitter.com/ZeMariaMacedo/status/1435654966585200645?ref_src=twsrc%5Etfw">September 8, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



As a result, <a href="https://coinmarketcap.com/currencies/terra-luna/" target="_blank" rel="noreferrer noopener">LUNA</a> is nearing an all-time high, last trading at $48.27. It is up 18.41% over the last seven days.



<h3 class="wp-block-heading">Shiba Inu retraces its steps</h3>



SHIB was last trading down 15.45% on <a href="https://cms.blockworks.co/shiba-inu-owner-moves-2-76b-to-four-different-wallets/" target="_blank" rel="noreferrer noopener">news</a> that a wallet holding $5.7 billion of SHIB moved a large portion of the funds in four different wallets, likely to be sold.



DOGE has reclaimed its spot as the top dog in the world of crypto. SHIB is the eleventh largest cryptocurrency with a market cap of $33.71 billion. DOGE is the ninth largest cryptocurrency with a market cap of $35.53 billion.



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found in the photos below:



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="334" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png" alt="" class="wp-image-10406" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.37-PM-1024x334.png?w=1240 1240w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="290" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png" alt="" class="wp-image-10405" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-03-at-5.50.23-PM-1024x290.png?w=1221 1221w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.



<hr class="wp-block-separator"/>



Are you a UK or EU reader that can&#8217;t get enough investor-focused content on digital assets? <a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Join us</a>&nbsp;in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Buy it now</a>.



<hr class="wp-block-separator"/>

LUNA Closes in on ATH; MKR Trends Higher: Markets Wrap

Jacquelyn Melinek

Casey Wagner

<div id="highlights-block_6181ee7956aa8" class="highlights">
 <ul>
 <li>The owner of the wallet with $5 billion in Shiba Inu coins has begun transferring the funds to different wallets</li>
 <li>By the time all 40.004 trillion tokens were transferred, the owner had moved about $2,760,000,027.60 worth of Shiba Inu</li>
 </ul>
 
</div>



An investor who bought $8,000 worth of Shiba Inu cryptocurrency in August 2020 has transferred over 40 trillion tokens from their wallet — about $2.76 billion, according to their Etherscan <a href="https://etherscan.io/tokentxns?a=0x1406899696adb2fa7a95ea68e80d4f9c82fcdedd&amp;p=1">account</a>.&nbsp;



The transfer sent approximately 10,000,000,100,000 Shiba Inu tokens to four different wallet addresses over four transactions. All four of the addresses the tokens were sent to have no prior token transfers.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Remember when everyone was wondering if the guy who turned 8k$ into 5 billion actually lost access to his wallet? Turns out he didn&#39;t and just started moving some of his <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> Address:<a href="https://t.co/Pok4lH0AUv">https://t.co/Pok4lH0AUv</a> <a href="https://t.co/yyzb3OXcPm">pic.twitter.com/yyzb3OXcPm</a>&mdash; Devchart 👨🏻‍💻 (@devchart) <a href="https://twitter.com/devchart/status/1455692819281158152?ref_src=twsrc%5Etfw">November 3, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Since the transfers, the token price has dropped 1.91%, a small amount in relation to typical market volatility.



The transactions occurred between 6:20 pm and 6:45 pm ET Tuesday. Each transfer was roughly $600 million, or about 10 trillion tokens. At the time, Shiba Inu was at $0.000069 per token.&nbsp;



By the time all 40.004 trillion tokens were transferred, the owner had moved about $2,760,000,027.60 worth of Shiba Inu.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="271" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png" alt="" class="wp-image-10349" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/image-25-1024x271.png?w=1783 1783w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>SHIB token balance over time for the address of this investor; Source: Nansen</figcaption></figure>



The transactions come one day after Shiba surpassed Dogecoin and became the tenth most valuable digital asset by market value of $40 billion. The cryptocurrency saw its biggest rally in late October when it surged 66% in one day.&nbsp;



The so-called meme coin is up 103.2 million percent over the past 12 months. Its price is still up <a href="https://www.coinbase.com/price/shiba-inu">42.26%</a> on the week and 760.93% on the month, according to Coinbase data.



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