Shiba Inu coin is vying with dogecoin to be the 10th biggest cryptocurrency

In this photo illustration, a cryptocurrency Shiba Token $SHIB logo is seen on a smartphone with a pc screen in the background.
  • Shiba inu coin is eyeing a spot among the top 10 largest cryptocurrencies amid an epic rally.
  • CoinGecko data showed the meme-inspired coin overtook dogecoin in terms of market capitalization.
  • The meme coin has risen about 133% in the last 7 days, stoked by retail investors in the #SHIBarmy.

Shiba inu coin is vying with dogecoin for a spot in the list of top 10 cryptocurrencies as an army of retail traders take the token to new heights.

On Twitter, the hashtag #SHIBarmy trended as fans of the coin cheered it on as it narrowed the gap with dogecoin for the 10th largest cryptocurrency by market capitalization. #SHIBDELETEAZERO also trended on Twitter with about 9,000 tweets.

One user known as the “The Shiba Boy,” wrote: “We are 1 away from taking over!”

Not so long later, the coin did just that, according to one site’s measurements.

CoinGecko showed Shiba Inu moved into the ninth position – edging out dogecoin and USD coin – with an approximate $US33 ($AU44) billion market cap. Data from CoinMarketCap, however, showed the coin was still about $US6 ($AU8) billion away from the two aforementioned cryptocurrencies.

In the last seven days, shiba inu coin, named after the meme-famous breed of dog, has rallied 133%, according to CoinMarketCap data. Much of the rally came Wednesday alone as the cryptocurrency rose 38% to $US0.0000657 at 1:11 p.m. in New York.

Investor enthusiasm also stemmed from a rallying cry from thousands of retail traders asking Robinhood to add shiba inu trading to its crypto platform.

An online petition has been signed by more than 340,000 people, according to change.org. Robinhood CEO Vlad Tenev, however, told investors on its third-quarter earnings call that it was satisfied with the current coins listed and was awaiting further regulatory clarity.