Shiba Inu price analysis: SHIB hits all-time high – but what is the price of the coin now?
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Shiba Inu has made gains of more than 5,500,000 percent in less than 15 months. Experts claim dogecoin investors have traded in their coins for SHIB coins instead. These trades took place due to support across social media and the belief the cryptocurrency will soon be listed on the Robinhood app.
Shiba Inu hit an all-time high, soaring more than 40 percent in two days according to CoinMarketCap.
The current price of the digital currency is$0.00003939, after it jumped 42 percent within two days.
The cryptocurrency has climbed 40.94 percent in the last 24 hours and 53.41 percent in the last seven days.
The digital coin is now the 13th most popular cryptocurrency on CoinMarketCap, recording $9,184,820,252 in daily trading volume.
Shiba Inu is a dogecoin spinoff which has been bolstered by a few crucial technical support levels.
The crypto has skyrocketed by more than 300 percent in the past month.
SpaceX billionaire Elon Musk prompted a surge in the coin’s popularity recently after he shared an image of his Shiba Inu breed puppy on social media.
By comparison, dogecoin is down a staggering 65 percent from its peak in May.
Michael Kamerman, CEO of Skilling, said the digital coin has continued to soar due to social media attention.
Mr Kamerman told Express.co.uk: “Sparked by social media, the Shiba Inu is continuing to soar and is now ranked as the world’s XX largest crypto.
“The cryptocurrency movement is centred around the masses and where they flock for information.
“As we’ve seen with Dogecoin, and now Shiba Inu, tweets from magnates such as Elon Musk control the digital asset’s rise and fall.”
He added it is a high-risk investment, but as long as those opting to invest in this area understand the market they can make a large amount of money.
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Don Guo, CEO of Broctagon said although the digital coin has grown significantly in recent days, it is still impossible for it to hit $1.
He said it is impossible as there is not enough money in the world for it to manage to do so.
Mr Guo told Express.co.uk: “In order for SHIB to reach a dollar, it requires a market capitalisation of one quadrillion U.S dollars.
“In comparison, the entirety of the U.S. National Debt is $23.3 trillion – and even that staggering sum constitutes less than three percent of the amount required for SHIB to reach that price point. Given current trends, it is more likely that Shiba will remain within its ballpark of less than a fraction of a cent.”
Speculation claiming Shiba Inu could soon feature on favoured retail brokerage platform Robinhood have also had an uplifting impact on the coin’s price.
A petition circulating on Change.org has garnered more than 295,000 signatures so far.
Dogecoin experienced a similar boost in its price ahead of its official inclusion on the Robinhood platform.
An anonymous source close to the exchange told FXStreet Robinhood had taken notice of the social media support for SHIB, and the platform plans to list SHIB soon.
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