The Shiba Inu price broke out above $0.00008 this week, a new all time high for the fan favorite meme cryptocurrency, up 70% in the past 24 hours.
On Coinmarketcap.com it has entered the top #10 ranked coins by marketcap, currently ranked 9th with a market capitalization (total value of all coins) of just under $40 billion.
That’s a higher marketcap than some multinational investment banks, e.g. Deutsche Bank has a marketcap of a little under $30 billion and is one of the top 1000 most valuable companies in the world.
In stocks, marketcap is the total market value of all of a publicly traded company’s outstanding shares and a common measure of its worth and success.
In crypto, marketcap is calculated by multiplying the current coin price by the number of coins in circulation.
The total global marketcap of all crypto is $2.4 trillion, of which Bitcoin’s share is $1.1 trillion. For Shiba Inu to ‘flip’ Bitcoin it would need to overtake that, which is unlikely as it has a higher circulating supply. Considerable profits can still be made from altcoins even if they don’t become ‘the next Bitcoin’.
SHIB overtakes DOGE
Considered by some to be a ‘Dogecoin killer’, Shiba Inu has now met that prediction and overtaken DOGE, which is currently ranked 11th by marketcap.
Dogecoin gained internet fame when popularized by