The Shiba Inu price broke out above $0.00008 this week, a new all time high for the fan favorite meme cryptocurrency.
On Coinmarketcap.com it has entered the top #10 ranked coins by marketcap, currently ranked 9th with a market capitalization (total value of all coins) of just under $40 billion.
That’s a higher marketcap than some multinational investment banks, e.g. Deutsche Bank has a marketcap of a little under $30 billion and is one of the top 1000 most valuable companies in the world.
In stocks, marketcap is the total market value of all of a publicly traded company’s outstanding shares and a common measure of its worth and success.
In crypto, marketcap is calculated by multiplying the current coin price by the number of coins in circulation.
The total global marketcap of all crypto is $2.4 trillion, of which Bitcoin’s share is $1.1 trillion. For Shiba Inu to ‘flip’ Bitcoin it would need to overtake that, which is unlikely as it has a higher circulating supply. Considerable profits can still be made from altcoins even if they don’t become ‘the next Bitcoin’.
SHIB overtakes DOGE
Considered by some to be a ‘Dogecoin killer’, Shiba Inu has now met that prediction and overtaken DOGE, which is currently ranked 11th by marketcap.
Dogecoin gained internet fame when popularized by billionaire Elon Musk, who gave a similar boost to SHIB by announcing on Twitter that he had a new dog, a Shiba Inu breed puppy.
The SHIB token has also been mentioned by Bitcoin billionaire Tyler Winklevoss.
A Shiba Inu $DOGE is man and woman’s best friend. It may not be the hero the world deserves right now, but it may be the one that we need right now.
— Tyler Winklevoss (@tyler) May 5, 2021
Investing in Shiba Inu
On social media the potential gains from investing in Shiba are currently trending.
Wall Street and Silicon Valley business news account Morning Brew tweeted out that one investor had secured $8000 worth of SHIB in his wallet last August.
That investment is now worth $5.7 billion in Q4 2021 and may be the most profitable trade in history.
This wallet bought roughly $8,000 of $SHIB last August.
It’s now worth $5.7 billion.
From $8,000 to $5.7 billion in roughly 400 days.
We may actually be looking at the greatest individual trade of all time. pic.twitter.com/LtdgQ83bKP
— Morning Brew ☕️ (@MorningBrew) October 27, 2021
Buy Shiba Inu
Shiba Inu can be conveniently bought in units of millions on regulated exchange eToro under the ticker SHIBxM.
Bitcoin recently made a new all time high of $67,000 and is currently in a potential buy the dip situation, having corrected to $58,000. Ethereum is at $4,000 having reached $4,375 last week.
Retail investors show no sign of losing interest in cryptocurrency, as it continues to offer higher returns than the S&P 500, Gold and any bank account interest rates.
Its success has caused some investment banks, such as JPMorgan and Goldman Sachs, to finally acknowledge the use case and adoption potential of crypto and DeFi projects, in a reversal of opinion compared to previous years.