Shiba Inu (SHIB), a meme inspired cryptocurrency and a Dogecoin spinoff, has hit an all time high on Wednesday, hitting a record high above $0.00008456 price, according to CoinMarket cap. Crypto enthusiasts and experts are still grappling to come to terms with the SHIB’s all-time high market capitalisation which has now surpassed some major Indian companies such as Adani Enterprises, Tata Steel, and Tech Mahindra.
With a market capitalisation of more than $38 billion, Shiba Inu is now the 11th largest cryptocurrency. Meanwhile, Dogecoin is the 10th biggest, with a market capitalisation of $32 billion. Interestingly, Shiba Inu has emerged as “The Dogecoin Killer” beating the likes of cryptocurrencies such as Uniswap, Luna, USD Coin, Polkadot and XRP in market cap terms.
The rise is speculated to be fuelled after tech billionaire Elon Musk, tweeted a photograph of the SHIB coin going to the Moon on October 18. At that time, the token was trading at $0.000026 (Rs. 0.0020). His tweet pushed the coin to nearly 50 percent to reach a high of $0.000044 (Rs. 0.0033), according to CoinMarket cap.
Another major reason is also rumours floating in the crypto world that the SHIB will soon be listed on the popular stock trading app, Robinhood. A petition on Change.org has also implored Robinhood to list the coin on its platform. It garnered almost 3 lakh signatures.
Sharat Chandra, a tech evangelist, and a crypto expert told indianexpress.com, “One can attribute some part of the rally to the retail community’s sentiment and antipathy towards Musk’s Dogecoin. Though SHIB token ecosystem empowers few NFT art incubators and a decentralized exchange called Shiba-Swap is in the works, there is no reasonable rationale behind the unmatched price rise of the coin.”
Chandra, while advising novice investors on trading SHIB coin pointed out that the “price rally is unsustainable and an imminent fall cannot be ruled out. This is the time to book profits and make an exit.”
Comparing meme coins— Shiba Inu and Dogecoin, Hitesh Malviya, founder of itsblockchain.com, a Blockchain publication told indianexpress.com that “Shiba’s entry into decentralised finance world has made the coin better as compared to Dogecoin, in the long run. However, we could see a major correction in Shiba Inu, as it is overvalued at this time.”
Meanwhile, on WazirX, an Indian crypto-currency exchange platform, SHIB overtook Bitcoin’s position as the top traded token in the Indian rupee market this week. “In the past 24 hours, over $320 Million worth SHIB has been traded on WazirX. This market movement has also caused WazirX to record an all-time-high 24-hour trading volume of over $560 Million,” said Nischal Shetty, founder, and CEO of WazirX.