Shiba Inu (COIN: $SHIB) Price Boom Propels It to 10th Largest Crypto by Market Cap

Shiba Inu (COIN: $SHIB) is a meme coin debuted in August 2020 by an anonymous group or person using the pseudonym Ryoshi. The group or person got their inspiration for its name from Shiba Inu, a Japanese dog breed.

Recently, SHIB has experienced a price boom that has seen its price rise by over 280% in the past week. The renewed interest in Shiba Inu has been ignited by the new bull cycle in the crypto market, with Bitcoin’s market cap now larger than the GDP of Saudi Arabia, a leading oil producer.  

Why is SHIB Rallying?

The current meme coin pump in the crypto world is not a new phenomenon. It became most pronounced during the 2021 bull cycle when social media hype pushed meme coins to new all-time highs.

The elusive feeling of FOMO is back in full force in the crypto world, and meme coin rallies are back. Shiba Inu’s price has nearly tripled in the past month, returns that are impossible in mainstream financial markets.

SHIB’s large online community can sustain the FOMO for months, which drives inflows into the network. With investors looking to cash in on the hype, it can push the price to incredible highs.

Shiba Inu To the Moon

Shiba Inu has been on a sustained bullish momentum for the past few weeks. As of Tuesday, March 5, 2024, the price of SHIB is $0.00004021, rising by 56.52% in the past 24 hours. In the past seven days, the price of SHIB has risen by an astounding 284.93%, and in the past, its price has increased by a staggering 348.18%.

The quick rise of SHIB has pushed its market cap to $23.8 billion, a 58.38% increase in the past 24 hours. Its rapid market cap increase means that SHIB is now at position 10 by market cap, displacing AVAX. Its 24-hour trading volume has also increased dramatically by 231.81% and now stands at $13.8 billion, making it the fifth most traded crypto.

What makes this achievement even more remarkable is that a few weeks ago, SHIB almost fell out of the top 20 list when its price stagnated at the $0.00001 resistance point.

How High Could Shiba Inu Go?

If the current momentum is sustained, SHIB could realistically surpass its all-time high of $0.00008845, achieved in October 2021. Earlier in the day, the price of SHIB hit a new 12-month high of $0.00004534 and will likely surpass that figure in the coming days.

Should You Buy SHIB?

The current SHIB price rally is a self-fulfilling prophecy. As the crypto industry continues to receive mainstream attention, thanks to the recent Bitcoin ETF launches and the upcoming Bitcoin halving event, inflows into crypto will keep rising.

The sustained demand will push the momentum of the meme coin high, which means the rally could continue for at least a few weeks. Consequently, while the price of SHIB has recently hit a new 12-month high, it is still trading at a 54.94% discount to its all-time high price of $0.00008845.

Given the renewed interest in crypto and the clear path for institutional capital to enter the crypto markets, SHIB could likely surpass its past ATH. As such, there is still time to make huge returns in SHIB.

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