The well-known meme coin, Shiba Inu (SHIB) has seen a substantial surge in its market capitalization. This is jaw-dropping news for many crypto enthusiasts as SHIB was not initially created as something serious. It has, however, made its way into the top 15 biggest digital assets by market capitalization.
SHIB has also reportedly outperformed numerous altcoins, after recently surpassing the famous Dogecoin. Following this news, many are left to wonder if SHIB would become the new flagship meme coin and if a further price surge can be seen for the cryptocurrency.
It has also become an interesting option for people to invest in. However, if you are looking to invest in digital assets such as BTC or ETH, you can click on SwissBorg or Kraken (U.S. citizens).
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SHIB’s Market Cap and Reaction of DOGE Enthusiasts
Taking the crypto enthusiasts by surprise, the market capitalization of Shiba Inu has reportedly exceeded $12 billion. The origin of this digital asset was inspired by a hunting dog breed in Japan and is now one of the most prominent cryptocurrencies in the market.
SHIB is a relatively new crypto asset, created by an anonymous developer last year. It has now overtaken several digital currencies such as:
- Bitcoin Cash
Shiba Inu claimed an all-time high in May 2021 and at the moment it is only 18% down from reclaiming the ATH once again.
SHIB has also been outperforming the original canine meme crypto asset, Dogecoin, which is down 5% in the last 24 hours.
Shiba Inu, on the other hand, has seen a 300% surge in almost a week and is the most traded crypto asset on Huobi, Binance and Coinbase.
According to reports, the meme coin is the best performing digital asset at the moment, with a daily volume of around $19.4 billion.
The success and growing prominence of SHIB has also resulted in a fierce rivalry between people who support it and those who support DOGE.
There are several popular names in the corner of Dogecoin as well, one of which is Elon Musk the CEO of Tesla. He has been rooting for the original meme coin for quite some time. However, no remarks or acknowledgment towards Shiba Inu have been received from Musk at the moment.
Therefore, there is no certainty at the moment whether Musk will support SHIB or try to highlight DOGE’s significance.
What Should Crypto Investors and Traders Know?
Shiba Inu is getting plenty of recognition from crypto investors from all around the world and as mentioned above it is currently the most-traded digital currency as well.
However, if you are new to the crypto space you should be careful while choosing a cryptocurrency to purchase or trade.
Bitcoin and Ethereum are two of the topmost digital assets in the market, attracting the attention of a large audience. Therefore, if you choose to invest in any of these two crypto assets, make sure you opt for the lowest fee crypto exchange.
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