A 77% increase in 24 hours - Shiba Inu Coin briefly surpassed Dogecoin in value

 According to Coinmarketcap data, the price of Shiba Inu coin has surged over 77.5% in the past 24 hours, and its market value once reached US$51.6 billion. Not only did it surpass Dogecoin, but also beated Ripple, Polkadot, and USD Coin to become the seventh largest cryptocurrency in the world.

As of 11:45 am Beijing time on Thursday, the price of Shiba Inu Coin has reached $0.00008748. This is the ninth time that Shiba Inu Coin has set a record high in the past two weeks. Shiba Inu coins are now the most valuable meme coin in the world, dethroning Dogecoins.

At present, the price of Shiba Inucoin has dropped and is still above $0.00007, and its market value still exceeds Dogecoin.

CryptoCurrency Mining Becomes the Only Industry to Be Eliminated since 2019

On October 21, the National Development and Reform Commission of China issued a notice on the revision of the "Industrial Structure Adjustment Guidance Catalog (2019)" for public comments. The notice stated that in accordance with the relevant work arrangements for the rectification of  cryptocurrency mining activities, revise the guidelines for industrial structure adjustment, and openly solicit opinions from the public.

China Say No to CryptoCurrency Mining

The draft for comments requires that the 7th item is added to the "I. Outdated Production Technology and Equipment" and "(18) Others" in the "Industrial Structure Adjustment Guidance Catalogue (2019 Edition)", which reads "Cryptocurrency Mining Activities".

Make It Back To $60,000 Mark. Why Bitcoin Price Rise Against Trend?

On October 16, the price of Bitcoin broke through the $60,000 mark and approached $63,000, the highest price since May this year. Ethereum broke through $3,900, approaching an all-time high.

Data from CoinGecko shows that the total market value of cryptocurrencies has exceeded US$2.6 trillion, a record high. Previously, the total market value of cryptocurrencies reached an all-time high of US$2.55 trillion on May 12. But then started to shrink for more than two months to US$1.25 trillion on July 21, a drop of more than 50%, and then the total market value gradually picked up.

As the cryptocurrency market has soared, the U.S. stocks' blockchain sector, which has continued to decline recently, has risen, too. Canaan Technology has gained 5.22% during the day, and Bit Digital has soared by 10%. Riot Blockchain rose 5.86%, the sector began to change before the opening of the US stock market.

Jiangsu China Campaigns Against Crypto Mining

Jiangsu Province takes the lead in comprehensively investigating virtual currency mining: energy consumption of mining in the province reaches up to 260,000 kWh DAILY.

China Curbs Crypto Mining

According to the official website of the Jiangsu Provincial Communications Administration, the bureau recently investigated the crypto mining activities in this province. The monitoring found that the export traffic of mining pools that carried out virtual currency activities reached 136.77 Mbps, and the total number of Internet IP addresses participating in crypto mining was 4502, which consumed more than 10 PH/s of computing power and consumed 260,000 kWh/day of electricity.