The Shiba Inu price (SHIB) has surged to a one-month high against Bitcoin (BTC) this week, driven by strong institutional trading.
SHIB rose 9% in the past 24 hours to hit $0.00001359 on Coinbase — a level last seen on June 11.
With momentum building, some are now questioning whether SHIB could overtake Dogecoin (DOGE) in the coming months.
This breakout pushed the price above its closely watched 50-day simple moving average (SMA) at $0.00001242, suggesting room for further gains.
Institutional demand appears to be a key driver, with volumes spiking to 1.25 trillion tokens between 19:00 and 20:00 UTC on July 9, well above the daily average of 491 billion.