The Shiba Inu coin, a meme coin inspired by Dogecoin, recently hit an all-time high and climbed the charts to have the 11th biggest market cap of any cryptocurrency. According to CoinGecko, the Shiba coin now has a market value of more than US$19 billion (~RM78.8 billion) after climbing up almost 42% just this week.
As a matter of fact, that growth seems paltry compared to how much the coin’s value has increased in the span of one year, which is a staggering 4.5 million percent. To put it into perspective, if you had bought US$100 (~RM415) worth of Shiba coin back in October 2020, you would now have roughly US$45 million (~RM186 million).
While the price did fall by about 10% after Elon Musk tweeted that he didn’t own any of the meme currency, it didn’t knock Shiba Inu off its 11th place ranking. That being said, it still has a way to go before it can surpass its senpai, Dogecoin, which has a market value of US$35 billion (~RM145 billion) and currently ranks 9th.
The altcoin has made a meteoric rise in the crypto world, making ordinary people millionaires overnight and now there’s an online petition to officially add the coin to the trading app Robinhood. Vitalik Buterin, co-founder of Ethereum, even donated US$1 billion (~RM4.15 billion) worth of Shiba Inu to an Indian COVID-19 relief fund.
Cryptocurrencies, in general, are seeing a rising trend as the value of Bitcoin hit an all-time high of US$67000 (~RM278000) last week. Bitcoin was even officially adopted as an official currency in El Salvador earlier this year. Of course, crypto trading is still risky and volatile, so you should do your own research before making any investments.