SHIB Crypto Alert: Shiba Inu Becomes the No. 10 Crypto by Market Cap

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No longer just a speculative meme coin, Shiba Inu (SHIB-USD) is currently gaining serious respect among cryptocurrency speculators. As of this writing, SHIB crypto ranks 10th among cryptocurrencies in terms of market capitalization.This news comes after the digital asset benchmark Bitcoin (BTC-USD) recently New all-time highthereby lifting all boats in the sector.

according to wall street journal, Bitcoin “temporarily surpassed” the $69,000 level today. This performance surpassed the previous high of $68,990 recorded on November 10, 2021. The U.S. Securities and Exchange Commission (SEC) recently Spot Bitcoin Exchange Traded Fund Approval (ETF), this tipping point is supporting unprecedented demand for digital assets.

So, naturally, the rise in BTC also gives momentum to other cryptocurrencies and altcoins. But the biggest news may be the SHIB crypto. The market value of Shiba Inu dogs has skyrocketed in the past 7 days. This was enough to put the token into his 10th slot of the world’s most valuable cryptocurrency.

Currently, SHIB’s market capitalization is approximately $17 billion, giving it a significant lead over SHIB. avalanche (AVAX-USD), ranks 11th at the time of this writing with $14.4 billion.

SHIB Crypto Is Attractive, But Significant Risks Stand in the Way

Looking ahead, SHIB crypto bulls are likely aiming for the next big milestone: securing the No. 9 spot among cryptocurrencies. Now that spot belongs to another fellow meme his token. The meme token that started it all. dogecoin (Doge-USD). Dogecoin’s value is currently estimated at $20.6 billion.

For SHIB crypto speculators, this calculation may seem convincing. Over the past 7 days, DOGE has managed to return approximately 65% ​​of its value to investors. That looks impressive no matter how you look at it. However, over the same period, the Shiba Inu population increased by more than 150%. With this acceleration firepower, overtaking may not take long.

Still, significant risks also loom. The cryptocurrency underwent a significant correction today after Bitcoin reached new highs. As of this writing, BTC is down about 7% in the past 24 hours. Although the SHIB cryptocurrency initially performed well, it too succumbed to pressure and fell by around 15% over the same period.

All attention is probably focused on the Bitcoin halving event, which is scheduled to take place sometime in April. In theory, this event should slow down the supply of cryptocurrencies, which in turn should accelerate demand. Nevertheless, investors should also be mindful of the “buy the rumor, sell the news” effect.

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After securing a new record, the focus will also shift to whether crypto investors have anything left in the tank. Here, the price per unit of SHIB crypto is so low that profits can be made through rotation within the sector. Still, its modest price also means that the Shiba Inu is vulnerable to bouts of extreme fluctuation.

On the date of publication, Josh Enomoto did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are influenced by InvestorPlace.com. Publishing guidelines.

Josh Enomoto, a former senior business analyst at Sony Electronics, has helped broker major deals with Fortune Global 500 companies. Over the past several years, he has provided unique and important insights into the investment market as well as a variety of other industries such as law, construction management, and healthcare. Tweet us @EnomotoMedia.

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