On the worldwide market aggregator CoinMarketCap, Shiba Inu (SHIB) has surpassed other cryptocurrencies such as Ethereum, Dogecoin, and Bitcoin as the most recognized cryptocurrency in the world. SHIB is the 13th most valuable cryptocurrency, having a market capitalization of more than 20 billion USD. It recently broke into the top ten cryptocurrencies by market capitalization earlier in 2021.
Furthermore, SHIB rose over two hundred and sixteen percent during October, reaching a record of $0.000088. At the time of writing, one Shiba Inu coin is worth $0.00003388. Shiba Inu made the charts on the popularity index, according to a tweet by CoinMarketCap. It was accompanied by Ethereum, Cardano, Dogecoin, and Bitcoin.
Decoding SHIB’s way to the top
Shiba Inu was developed as a parody to compete with Dogecoin, which itself on 25th October became the eleventh most valuable digital coin by market capitalization. According to reports, an online health service company from Canada called ‘Ask The Doctor’ revealed on 3rd December that it has put 1.5 million dollars in Shiba Inu coins to its financial statements. This move is for preparing the coin to be recognized as a form of payment by its clients. A chain of movie theaters in the United States, AMC, is preparing to take Shiba Inu coins as currency.
Several foreign exchanges, including Bitpay and Kraken, have added the SHIB currency to their networks. It has 14,645 operational entries and is owned by 1,090,840 wallet accounts, according to CoinMarketCap. The cryptocurrency is available on over 400 different exchanges all over the globe.
