Shiba Inu (SHIB) continues to surprise the entire crypto market as the virtual currency is getting closer to the top 10 largest digital assets. In the last 7 days, SHIB was able to surge by 41% and hit a price per coin of $0.00003668. SHIB has been one of the best investments among the top cryptocurrencies throughout 2021. It is just a matter of time to understand how far this coin could move.
Shiba Inu (SHIB) Gets Closer to the Top 10
Shiba Inu has shown strength over the last weeks as it became one of the largest gainers in the cryptocurrency market. This shows that there is a strong interest in this digital currency that has many similar things to Dogecoin (DOGE).
One of the questions that many analysts currently have is related to whether this virtual currency would be able to surpass DOGE market valuation. According to data provided by CoinGecko, Shiba Inu has now a market valuation of $18 billion compared to $32 billion for DOGE.
Although there is still a difference of $14 billion between these two virtual currencies, the market has many times seen large moves in a matter of days. This is why many investors are excited about what could happen to this virtual currency in the coming days and weeks.
It is very important to understand whether Bitcoin’s expansion and growth in the market would let SHIB continue growing even further. However, it is worth mentioning that many investors believe that SHIB could hit $1 in the future. This is highly unlikely as it would require SHIB to grow by over 2.7 million percent.
Thus, before investing in Shiba Inu thinking that this coin could eventually hit $1 could be a big mistake as this is highly unlikely. Although many investors were able to make large gains with SHIB this year, it is also important to know that we should be careful before investing in these types of virtual currencies as a correction could happen in the near future.
Let’s not forget that DOGE was headed towards $1 per coin and it finally stopped close to $0.73. This shows that it could have been a very good possibility to invest in SHIB, we should now be careful and analyse whether the virtual currency could keep moving higher. This would highly depend on the entire crypto market reaching new highs in the future.