Shiba Inu’s price is standing at $0.000008568 as of the time of writing on Friday, June 4, having made losses of 12.58 percent in the last 24 hours. The coin, known as SHIB, reached a high of $0.00000994 in the last 24 hours, but right now it’s trailing closer to its lowest point – $0.00000831 – recorded during the same period of time, according to Coin Market Cap. The cryptocurrency token is named and modelled after Dogecoin, a crypto asset that started off as a joke but has turned into a money-making meme machine in recent months.
Less than one year old, SHIB already has a market value of more than $3.8billion as of early June, 2021, making it the 32nd largest cryptocurrency in terms of market capitalisation.
In another sense, SHIB is still quite small despite its rise to popularity.
SHIB has been crashing in recent weeks as, when compared to its price just three weeks ago on May 10, it’s significantly lower today.
The all time high on May 10 saw the coin trading at $0.0000388, bringing it 78.12 percent under this figure at its current value.
The coin’s low price when compared to other more established cryptos like BTC which costs more than $38,000 for a single token, makes it an especially attractive prospect for investors.
However, just because something is popular doesn’t mean it’s a good investment.
Grant Whitlock, head of trading at UK based digital asset broker GlobalBlock, said clients are looking for more sustainable, long-term investable crypto assets.
Speaking to Express.co.uk, Mr Whitlock said: “At GlobalBlock, we see less volume in ‘meme’ tokens such as SHIB and Dogecoin.
“Our clients are primarily interested in the foundational digital assets that they see having greater potential to transform business processes and computing technology.
“Examples of which are Ethereum, Polkadot and Cardano.”
In fact, a leaked report from banking giants Goldman Sachs recently predicted Ethereum will take over as the next big thing in crypto.
In the report, posted to Twitter, Goldman Sachs writes: “Given the importance of real uses in determining the store of value, ether has a high chance of overtaking bitcoin as a dominant store of value.
“The ethereum ecosystem supports smart contracts and provides a way to create new applications on its platform.”
Ethereum’s price has far overtaken the value of bitcoin over the last 12 months or so, with the former adding increasing 1,000 percent compared to BTC’s 300 percent.
Ethereum’s value has been soaring even when the market crash of May is considered, during which $3.1trillion was lost from the combined market amid a series of global events creating a domino effect in the industry.
Goldman Sachs’ report adds: “Most decentralised finance (DeFi) applications are being built on the Ethereum network, and most non-fungible tokens (NFTs) issued are purchased using either.
“The greater number of transactions in ether versus bitcoin reflects this dominance.”
Investing in cryptocurrency is always a risk and this information doesn’t equate to investing or financial advice.