TL;DR
Shiba Inu, the meme coin, has reached an all-time high of $0.0000789 today, October 28, with its value skyrocketing by 58% in the last 24 hours.
With a market cap of $36.4 billion, Shiba Inu has nearly doubled in value over the last week alone.
As a result, Shiba Inu is worth more than Adani Enterprises, Tata Steel, Tech Mahindra.
A cryptocurrency known as Shiba Inu, created as a meme coin and marketed as a dogecoin killer, is now more valuable than some of the biggest companies in India, such as Adani Enterprises, Tata Steel, Tech Mahindra, and HDFC Life.
Its overall market value has breached the $36 billion mark, on the cusp of removing another decimal point. The meme coin continues to climb the charts today, reaching a new all-time high of $0.0000789. According to CoinMarketCap, Shiba Inu is now the 9th largest cryptocurrency in the world by market cap.
| Asset | Market value |
|---|---|
| Shibu Inu | $23.4 billion |
| Adani Enterprises | $22.9 billion |
| JSW Steel | $22.4 billion |
| Tata Steel | $21.9 billion |
| Tech Mahindra | $21.05 billion |
| Adani Ports | $20.35 billion |
| HDFC Life | $18.80 billion |
Source: CompaniesMarketCap, CoinMarketCap
Shiba Inu has been racing 'to the moon' throughout October, also known as Uptober by the online community. Bitcoin, the oldest cryptocurrency in the world, has also been hitting record highs. In the past week alone, the token has grown by a factor of two.
Shiba Inu continues to rise despite Bitcoin's correction from its peak of $67,000 to just over $60,000. A crypto whale bought 276.6 billion Shib tokens worth around $11.5 million during the last 24 hours, causing the cryptocurrency to jump by over 40% over the last day. Crypto whales are individuals with large amounts of cryptocurrencies.
Robinhood’s CEO avoids the issue
With tech billionaire Elon Musk buying a Shiba Inu dog called Floki, the Shiba Inu cryptocurrency first came to light and a petition was started to list the Shiba Inu cryptocurrency on several exchanges. The Robinhood exchange was the most anticipated listing among all the exchanges for Shiba Inu holders. Among the reasons the petition made for its listing was the success of Dogecoin on Robinhood.
Musk has since clarified that he owns only Ethereum, Bitcoin, and Dogecoin - not any SHIB tokens.
While knowing that the petition had over 300,000 signatures, the NASDAQ-listed company held its third-quarter earnings call on October 26 without addressing the issue.
On the call, Chief Executive (CEO) Vlad Tenev said:
"We feel very very good about the coins we list on our platform, and we want to feel the same way about any new coins we add."
After the company revealed that it had suffered a 78% decline in revenue from cryptocurrency in the last three months, shares plunged more than 8% in after-hours trading. From July through September, it made $51 million compared to $233 million in the previous three months.
Shiba Inu — the ‘Dogecoin Killer’
Shibu Inu, or the SHIB token, is a self-described 'Dogecoin Killer'. Basically, it's a meme coin that wants to be the biggest in the world. The rise of the cryptocurrency Shiba Inu through the ranks does not seem to be a moonshot at present.
Someone using the pseudonym 'Ryoshi' created the coin only last year, in August 2020. Shiba Inu is built on the Ethereum blockchain, unlike Dogecoin, which is based on the original Bitcoin source code.
Nonetheless, it isn't a meme coin that is trying to outdo Dogecoin. There are several dog-based cryptocurrencies trending in the crypto world, including Baby Dogecoin, Baby Floki, Floki In, Baby Moon Floki, Shibavax, Doge Dash, etc.