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Shiba Inu Hits Record High as Bitcoin Eyes Weekly Price Loss.

On Sunday, Shiba Inu (SHIB), the self-proclaimed dogecoin killer, tapped lifetime highs, as bitcoin appeared on track to end its three-week winning streak.

The Shiba Inu currency traded at $0.0000455 at 11:20 UTC, breaking the previous high of $0.0000388 set on May 10, according to data source Messari.

The meme token's price has increased by about 50% in the last 24 hours, bringing the month-to-date gain to nearly 500%.

SHIB's recent rally from $0.0000270 comes on speculation that online brokerage site Robinhood may list the cryptocurrency soon. Prices jumped by more than 200 percent in the first week of the month, owing to increased buying by whales or wealthy investors.

Four days after bitcoin's climb to a new record high of $66,975 on Oct. 20, the SHIB coin has seen a strong bid, indicating heightened risk appetite in the cryptocurrency markets.

The most recent SHIB pump occurred in early May, shortly after bitcoin achieved a new all-time high of $64,888 on April 14, prompting commentators to warn of excessive retail speculation and the possibility of a market-wide drop. In the second half of that month, Bitcoin and the larger crypto market plummeted violently.

While SHIB has gone ballistic this month, DOGE has only gained 27% and still trades well behind its August peak of $0.35. Early in May, DOGE reached a high of almost $0.73.

On rising evidence of inflation and predictions that the recently introduced futures-based exchange-traded funds will bring more mainstream money into the crypto market, Bitcoin, the most valuable cryptocurrency by market capitalization, has risen 37 percent this month.

The cryptocurrency is currently trading at $60,060, representing a weekly loss of 2.3 percent. If the downward trend continues through Sunday's UTC closing, bitcoin will have experienced its first weekly loss since the third week of September.

Failure to close the week above the previous high of $64,888 would indicate temporary uptrend exhaustion and maybe a deeper pullback.