Don’t let the fact that SHIB trades for less than a penny fool you. Its market cap has ballooned to more than USD 3.4 billion since its launch and appears to have momentum on its side.
Shiba Inu’s eye-popping gains have captured the attention of U.K. rapper DJ JY, who tweeted about the cryptocurrency, saying, “You see them spikes?” His tweet has the potential to reach DJ JY’s nearly 43,000 followers and beyond and is another sign of meme coins gaining popularity in the mainstream, much to the chagrin of some bitcoin bulls.
Shiba Inu launched last August and is named after the Japanese dog breed that was popularized in the cryptocurrency community for being the mascot of Dogecoin. SHIB fancies itself as a Dogecoin killer, but it doesn’t seem to have a problem capitalizing on the popularity of its larger rival Dogecoin. Elon Musk has become enamored with Dogecoin and thrust the Doge-themed coins into the spotlight after a recent appearance on Saturday Night Live. In addition Binance, the largest cryptocurrency exchange, recently added support for SHIB, which hasn’t hurt.
More Gains to Come?
The Shiba Inu community is not surprisingly bullish on the cryptocurrency, targeting the USD 1 threshold as the latest target. It’s not just investors that are optimistic, however. Analysts are reportedly predicting that the Shiba Inu price could grow twofold now that crypto investors have licked their wounds from the latest broader market sell-off.
For the patient investor, analysts are also eyeing the USD 1 level for the Shiba Inu price but when it will reach that threshold exactly is anybody’s guess. The good news is that despite the recent pullback in sympathy with the broader crypto market sell-off, the Shiba Inu price appears to have rebounded from its recent bottom.
Shiba Inu is building a new decentralized exchange (DEX) to compete with the likes of Uniswap and Sushiswap. If it sees even a sliver of the same success that other trading platforms for the decentralized finance (DeFi) market are experiencing, the SHIB coin as the native cryptocurrency for the DEX stands to benefit. That could just be what catapults the coin to the elusive USD 1 milestone.