February 19, 2023 3:57 PM | 2 min read
One of the digital currencies that gained recognition late in 2022 was Shiba Inu (CRYPTO: SHIB). Here’s a look at where the coin stands in relation to its record high and what could be next.
What Happened: Shiba Inu was created in August 2020 as a rival cryptocurrency to Dogecoin (CRYPTO: DOGE). The token has rapidly gained a following and is now one of the 15 largest cryptocurrencies by market cap.
Shiba Inu is part of a decentralized exchange called ShibaSwap, which also includes the tokens Leash and Bone.
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A Shiba-Inu based NFT project called Shiboshis launched in November 2021.
Shiba Inu was formerly only available on decentralized exchanges like Uniswap. The addition of Shiba Inu to cryptocurrency platforms such as Coinbase, Kraken and Robinhood helped raise awareness of the coin and its valuation.
In late 2021, Shiba Inu became a trending cryptocurrency and hit an all-time high price. The coin trended on Twitter and Google searches. Supporters of the cryptocurrency called for Shiba Inu to hit 1 cent.
Shiba Inu is up over 50% year-to-date in 2023, but remains far off of its highs hit in 2021. Here’s a look at how much an investment today could be worth if the coin returns to all-time highs.
Related Link: How To Buy Shiba Inu
Investing $100 in SHIB: A $100 investment in Shiba Inu today could purchase 7,390,983 coins based on the current price of $0.00001353 at the time of writing.
If Shiba Inu gets back to its all-time high of $0.00008845, the $100 investment would turn into $653.53, representing a return of 553.7%.
Shiba Inu has a market capitalization of $7.4 billion, ranking 13th among all cryptocurrencies.
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