Cryptocurrencies are easily one of the biggest growing financial markets in the world. Despite its humble beginnings back in 2009 as an idea, it has grown into something completely new and unique. What was once seen as a quick fad has soon become a proper competitor to regular currencies as a whole.
Even countries are trying to adapt to cryptocurrencies, seeing the incredible promise that they hold. And one of the factors which make the crypto market so appealing to its investors is the incredible uncertainty. A trading coin that was not famous when it started can suddenly start to blow up. And in this case, that underdog crypto happens to be Shiba Inu.
In less than 24 hours, Shiba Inu was able to rise in price by almost 45%. This was such a massive rise to the top that Shiba Inu was able to make it into the top 10 cryptocurrencies separated by total market capitalization. And one of the companies that will have to watch their back is none other than the coin’s main inspiration, Dogecoin.
Dogecoin only recently became the hottest thing ever when Elon Musk started to praise it. What initially started out as a joke soon turned it into the top five biggest cryptocurrencies in the market at its peak. In fact, Dogecoin was so influential in creating a sub-culture of meme-based cryptocurrencies and it would eventually lead them here.
Shiba Inu is quite similar in terms of its success story, as it was also doing everything that Dogecoin was. However, a stroke of good luck leads to them becoming the hottest crypto out right now. Elon Musk, the champion and one of the biggest influencers in the market, simply mentioned his dog on Twitter, which happened to be a Shiba Inu. Following the tweet, thousands of investors went into a buyer’s spree and most of them just landed on Shiba Inu. And since then, this relatively small cryptocurrency has managed to reach new heights, landing on the number 8 spot of the top ten cryptocurrency’s list.
This week alone, the price of Shiba Inu rose by over 150%, which is an incredible feat for even the biggest cryptos to hit. The current total market capitalization of this meme coin rests comfortably at $42 billion dollars.
However, many experts of the field are still very skeptical of the success that the new cryptocurrency is experiencing. Because despite how well Shiba is doing, it is still very much a fad coin. And these types of trends will eventually pass, especially if Elon Musk says even a sentence against them.