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
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.”
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.”
(Featured image by KNFind via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Vytrus Biotech Increases Sales by 31% and Achieves an EBITDA of €1.5 Million
Vytrus Biotech closed 2022 with a capitalization of more than €24 million, an increase of 98% since its debut on...
Gambini Collects €2 MIllion Green Loan from Intesa Sanpaolo
The loan provided by Intesa Sanpaolo to Gambini is part of the S-Loan typology, a unique line of financing in...
An Association for Hemp in Agriculture Was Created in Germany
The hemp association wants to protect the environment by offering products made with particularly low CO2 emissions. HaLT is committed...
Binance Coin Slips into the Red After Lawsuit by US Financial Regulator CFTC
Binance is in trouble in the U.S. because the local regulator CFTC filed a lawsuit. So far, it is assumed...
New Real Estate Equity Crowdfunding Portal Yeldo Crowd Was Launched
The first campaign launched on Yeldo Crowd, which complements the bank financing already provided by a leading Italian institution has...
Business2 weeks ago
How Cross-Selling Boosts eCommerce Sales
Cannabis3 days ago
Adult-Use Cannabis Could Soon Be Legalized in Colombia
Featured1 week ago
Fintech Company Stripe Builds in GPT-4 for User Support
Biotech7 days ago
Eniax Signs Cerba, Analiza, and Oftalvist as Clients and Aims for 1M in Sales in 2023