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- Published: October 25, 2021 16:01
New Delhi: Shiba Inu, one of the new cryptocurrencies has gained immense popularity in recent times. This weekend witnessed the digital token breaking records by becoming the 11th biggest cryptocurrency by market capitalization. As per the analysis by ConGecko.com, the value of Shiba Inu spiked by 50% over 24 hours through 7:45 AM New York time on Sunday, hitting a record price over that time.
Owing to its surge, experts commented that Shiba Inu has the potential in making its way to the top 10 cryptocurrency list soon.
The recent bull experienced by Shiba Inu has urged investors to trade digital tokens. It is known that Cardano, Tron, Binance Coin, and Ripple have the favour of traditional banks and insurance companies while Shiba Inu is completely decentralized with no Chief Executive Officer or a transparent team. Meanwhile, in recent times Shiba Inu underwent a surge following Elon Musk’s (CEO of Tesla) tweet about his new pet, named Shiba Inu puppy.
Besides, attaining 300,000 signatures on the petition on Change.org influencing the list SHIB on the Robinhood platform, the digital token has also rolled out several non-fungible tokens (NFTs). This has added to the reason for buying Shiba Inu.
Most of the adoption of Shiba Inu was due to the active buzz on the internet. The SHIB white paper shows leaders of international chat rooms, social media influencers, and meme-makers as part of the community behind the digital token’s success.
Apart from Dogecoin hitting headlines, Shiba Inu emerged as one of the prominent competitors of the cryptocurrency world.
The main reasons for making its way to the top 10 cryptocurrency list are:
- Unlike other cryptocurrencies that are worth a fortune, Shiba Inu is very cheap and user-friendly. Investors can gain an advantage from investing in Shiba Inu even if the digital token reaches a $1 value.
- Currently, Shiba Inu’s market capitalization is valued at $21 billion, resulting in being medium assets. Initially, SHIB started as small assets and developed into medium assets with time.
- Trading values of cryptos determine if the digital token will succeed in the future or not. On Monday, SHIB has recorded a steady volume of $1,604,789 compared to other cryptos that record 10s and 100s.