Dec 01, 2021 04:00AM ET
By: AnalysisWatch
At the time of this writing, the price of Shiba Inu (SHIB), a Dogecoin-inspired meme, has skyrocketed, reaching $0.000045 at the time of this writing. More so, SHIB has risen 71,651,844% in the last 365 days. Adding to this, Shiba Inu has been buoyed by a broader rally in major digital assets, including Bitcoin (BTC) and Ether (ETH).
In addition, Kraken, a US-based cryptocurrency exchange, announced that it would effectively enable SHIB trading on its platform from November 30th. At the end of October, SHIB reached a high of $0.000088.In particular, the meme cryptocurrency has been struggling a bit lately. However, there are signs of an upswing.
More specifically, the price of SHIB broke above the upper trend line of the flag, accompanied by an increase in intraday trading volume. In addition, Shiba Inu now has more than one million investors. Moreover, this milestone seems to have prompted the developers to plan for further growth. This is to be done by expanding to games and the Metaverse.
On the other hand, Don Guo, CEO of fintech firm Broctagon, believes it is impossible for Shiba Inu to ever reach $1. For SHIB to reach one dollar, a market capitalisation of one quadrillion US dollars is required.
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