According to CoinGecko, the market valuation of Shiba inu coin has overtaken that of its sister meme cryptocurrency devoted to the Japanese dog breed, as Shiba supporters lobby the brokerage Robinbood to sell the digital token.
According to data Shiba inu coin was trading at $0.00006799 early Wednesday afternoon, up 43.3 percent in the last 24 hours and 141.5 percent in the previous week, giving it a market worth of $33.3 billion, the ninth highest among cryptocurrencies.
Dogecoin, the preferred cryptocurrency of billionaire Elon Musk, was the 11th largest digital token with a market valuation of $32.5 billion.
According to Don Guo, CEO of Broctagon Fintech Group, it is "impossible" for Shiba inu coin to reach $1 since "there just isn't enough money" in the globe. For the meme coin to reach $1, Guo said it would need a market worth of "one quadrillion."
An online petition asking Robinhood to provide trading of the meme coin has received 346,828 signatures. The rise of Shiba inu coin comes while the general digital currency market continues to fall. Bitcoin, the most valuable digital asset by market capitalization, has declined 5.6 percent in the last 24 hours and 8.7 percent in the previous week.
Shiba Inu Is On The Verge Of Breaking Into The Crypto Top 10 While Major Tokens Fail (Forbes)
Long Forecast is likewise bullish on the Shiba Inu's price potential, predicting a 33 percent increase by the end of the year and roughly 300 percent by 2025. While all of the above firms believe Shiba Inu's price will rise in the future, none of them believe it will reach 1 cent in the next 4–5 years.
Elon Musk, the billionaire founder of Tesla, has signalled unexpected support for Dogecoin as the Bitcoin price surges.