Forexs - Shiba Inu’s Price Hits Record Level, Now The 13th Largest Crypto Asset

FOREX FORUMS https://bit.ly/TRADER-FORUM - Meme-based cryptocurrency, Shiba Inu, has been experiencing an impressive surge lately. The price of the Dogecoin spin-off has climbed 41% within 2 days, reaching a record level of $0.00003995. The latest surge has also taken Shiba Inu up the ladder as the 13th largest cryptocurrency by market capitalization.


Currently, the token’s market cap has hit $15.2 billion, which is now higher than the market cap of Bitcoin Cash and Litecoin.


Experts have pointed out that the recent surge in Shiba Inu’s price can be attributed to the present bullish trend that began almost two weeks ago. And there are indications that the current rally may be sustained a little longer.


Other crypto assets are also doing well in the market, as the crypto market stayed above the $2.5 billion market cap levels. Although other major tokens like Bitcoin (BTC) and Ethereum (ETH) had marginal gains, Shiba Inu’s gain was the biggest among the top 20 crypto assets by market cap.


Crypto analytics platform Santiment highlighted the important gain the meme-based token has had.  “Shiba Inu is +26% in the past 24 hours while the rest of the crypto markets are mostly flat,” the platform noted.


Apart from the past few days’ Shiba Inu’s performances has remained largely positive this year. It still maintains its position as the best performing token among the top 20 crypto assets this year.


The latest SHIB rally is driven majorly by an increase in retail interest, although some top institutional investors have started showing an increased interest in the token. SHIBA enthusiast Elon Musk, who has also influenced Dogecoin’s rise, has also contributed towards SHIBA’s current surge. The token surged by more than 40% shortly after the Tesla Co-founder tweeted about the arrival of a new Shiba Inu puppy called Floki.


SHIBA’s present ranking is three spots behind Dogecoin. But the token has a long way to go before hitting or overtaking Dogecoin’s cap. At the time of writing, Dogecoin’s market cap is $32.6 billion, which more than doubles that of SHIBA.








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