As a seasoned crypto investor with a knack for recognizing trends and potential, I can’t help but feel a mix of excitement and caution when it comes to Shiba Inu (SHIB) lately. The rapid climb into the top 10 largest cryptocurrencies by market capitalization is indeed impressive, but as someone who has been through numerous crypto rollercoasters, I know better than to get carried away by short-term successes.
Today, the meme-inspired cryptocurrency Shiba Inu (SHIB) experienced a surge of interest, particularly due to its prominent standing within the crypto market. It moved up into the upper tiers, reaching the top 10 largest cryptocurrencies by market capitalization as listed on CoinMarketCap, a position it had previously vacated in favor of Tron (TRX) and Toncoin (TON).
Over the past nine days, I’ve observed an impressive surge of over 81% in the price of SHIB, peaking at $0.00003. Consequently, its market capitalization has soared to an impressive $17.4 billion, currently positioning it as the 10th largest cryptocurrency by market cap on the global scale.
The festivities among Shiba Inu admirers were brief, leading SHIB’s meme-based cryptocurrency to yield ground to Tron (TRX). This shift isn’t necessarily due to TRX’s success but more so because of SHIB’s own price correction.
Whether the Shiba Inu token will be able to return to this peak seems to be an ambiguous question.
From one perspective, a decrease in the value of the meme-based cryptocurrency could be expected; however, the price of SHIB hasn’t yet exceeded its peak from March, meaning it still needs to rise by approximately 80% from its current value to reach that level.
To surpass its record high from October 2021 of $0.000088, the Shiba Inu token still needs to increase by approximately 260%. This would value SHIB at $43.51 billion in total, a level that was last seen in October. Whether this growth will be sufficient to re-enter the top 10 cryptocurrencies is yet to be determined.
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2024-11-12 19:02