Shiba Inu beats Dogecoin, becomes 8th largest cryptocurrency

Shiba Inu, entered the top 10 biggest cryptocurrencies Wednesday morning and quickly jumped ahead of Dogecoin and Polkadot to claim the 8th spot.

The meme-cryptocurrency, represented online by a cheeky Shiba Inu, which is up 153% week-on-week, now has a market capitalisation of $42bn – ahead of the now ninth-placed Polkadot and tenth Dogecoin with $41.9bn and $38.4 respectively.

Shiba Inu’s trading volume over the last 24 hours of $42.4bn surpassed that of the biggest cryptocurrency Bitcoin ($40.4bn).

Social media-driven rally

The digital token rallied on Sunday when rumours emerged that it would be listed on a Robinhood investment platform for trading.

It rallied to its then-all-time high of $0.0000455 by 11:20 UTC, which was abruptly halted by entrepreneur and crypto enthusiast Elon Musk’s revelation that he does not own any of the cryptocurrency. 

But the virtual token quickly rebounded and rallied to a new all-time high of $0.000065 on Wednesday.

Read more: SHIB token reaches all-time high after 40% rally


The difference between stocks and CFDs

The main difference between CFD trading and stock trading is that you don’t own the underlying stock when you trade on an individual stock CFD.

With CFDs, you never actually buy or sell the underlying asset that you’ve chosen to trade. You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional stock trading you enter a contract to exchange the legal ownership of the individual shares for money, and you own this equity.

CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional stock trading, you buy the shares for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks.

CFDs attract overnight costs to hold the trades, (unless you use 1-1 leverage)

which makes them more suited to short-term trading opportunities. Stocks are more normally bought and held for longer. You might also pay a stockbroker commission or fees when buying and selling stocks.

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