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Shiba Inu Overtakes Dogecoin in the List of Top 10 Cryptocurrencies

The story of the Shiba Inu token is similar to both Bitcoin and GameStop. This year, Bitcoin’s valuation doubled, only to drop sharply in between. Now, the most popular cryptocurrency is trading for about $63,000 per coin. While Shiba Inu is the current rage among cryptocurrencies, it cannot yet be traded on most broker platforms. Investors have petitioned Robinhood to allow the broker to trade Shiba Inu

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Shiba Inu is a crypto token that is widely considered a meme coin. A few days ago, it landed in the list of the top 10 most valuable digital assets in terms of market value.

In the process, SHIB’s market capitalization reached almost $40 billion, surpassing that of Dogecoin (the token’s alleged cousin and role model). The value of the Shiba token recently increased by another 10%, having already doubled in recent weeks.

If you want to find more details about Shiba Inu and how it made it in the list of the top 10 most valuable cryptocurrencies in the world, download for free our companion app. The Born2Invest mobile app brings you the most important financial news in the world so you can stay informed.

Shiba Inu is a high-risk bet

Despite the spectacular gains, each token costs only a fraction of a cent. To paint a clear picture: If you bought $1,000 worth of Shiba tokens two months ago, the 20 million coins are now worth about $9,000.

Shiba Inu, like all other digital tokens, is not ideal for commercial transactions. Why, in fact? Because cryptocurrencies are volatile and highly speculative.

Experts consider the token a high-risk bet and warn investors not to invest in Shiba. The people behind the token remain unknown. Many also doubt whether the token really has any functional use.

According to Lee Reiners, a professor at Duke University School of Law and crypto critic, Shiba Inu’s recent meteoric rise is no surprise: “This is what happens when you speculate massively on assets with no intrinsic value.”

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SHIB is the current rage among cryptocurrencies

The story of the Shiba Inu token is similar to both Bitcoin and GameStop. This year, Bitcoin‘s valuation doubled, only to drop sharply in between. Now, the most popular cryptocurrency is trading for about $63,000 per coin.

In early January, GameStop’s stock was valued at $17 before rising to a staggering $483 per share. Currently, the stock is trading at a steady price of $180.

While Shiba Inu is the current rage among cryptocurrencies, it cannot yet be traded on most broker platforms. Investors have petitioned Robinhood to allow the broker to trade Shiba Inu (Dogecoin, as well as many other crypto tokens, are listed on the platform).

Vladimir Tenev, CEO of Robinhood, assured investors last week that the company plans to launch new coins.

Before doing so, however, Tenev said it wants to make sure it is done “in a way that is safe for customers and complies with regulatory requirements.”

The introduction of stricter regulations for cryptocurrencies seems inevitable, but it’s unclear how that will happen. Gary Gensler, the chairman of the SEC, recently compared cryptocurrencies to the “Wild West.”

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(Featured image by KNFind via Pixabay)

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J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.