The current eleventh largest cryptocurrency on the market, Shiba Ibu, still has the top 10 in its sights. With a price of 0.00006781 US dollars, the all-time high set only yesterday has already been exceeded again. In the meantime, the rate had even risen to $ 0.00006918 again. With a market capitalization of around $ 0.24, the tenth largest crypto currency Dogecoin (DOGE) still seems to be a long way behind the ERC-20 token, which was only developed in 2020.
But when you look at the market capitalization, it quickly becomes clear: Yes soon Shiba Inu could be the largest meme currency ever. The market capitalization of 27 billion dollars is only minimally below that of the Dogecoins (approx. 32 billion dollars). Even if five billion US dollars seem like a lot at first, such price jumps in the crypto currency sector are not uncommon. Just a few days ago, Shiba Inu was “only” worth around $ 15 billion. With the next upswing, Shiba Inu could actually displace Dogecoin. DOGE has been moving sideways for months.
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Decoupling from Elon Musk?
A big influence on d he development of the Dogecoin and Shiba Inu cryptocurrencies was undoubtedly due to Elon Musk. The entrepreneur and multi-billionaire regularly causes price jumps in both cryptocurrencies with his tweets about his dog Floki, a Shiba Inu. Musk had already declared Dogecoin to be his favorite currency months ago. Many were sure that he was also invested in Shiba Inu – in the end he denied this.
But instead of a price setback, Shiba Inu put in a strong rally after the report, reached a new all-time high yesterday and clearly surpassed it again today. This shows that the community seems to be behind the token even without Elon Musk. With a Memecoin, the community should be the most important point for at least medium-term price development.
What is the possible maximum?
At the same time, the development team behind the token is also committed to creating a decentralized exchange and Shiba Inu-NFT. So far, early investors in particular can look forward to it. Investments of less than $ 1,000 would have been enough within the last twelve months to now earn millions from the price increase. Nevertheless, with such price gains, the question must always be asked to what extent such a price development can be healthy.
Investors have set themselves a long-term target price of one dollar, which in this respect is very likely not realistic – at least not with the current volume in circulation. The price development of Shiba Inu will still cause tension in the coming weeks and months.
