Shiba Inu token SHIB has hit an all-time-high today on October 28th erasing a zero digit as it hits CA$0.00010662, while the broader crypto market is down 4%
With over 497trillion tokens in circulation, SHIB hit a market cap of CA$53billion
With a market cap greater than many corporations, SHIB enters the top 10 cryptocurrencies by market cap, and also manages to dethrone the first and wildly popular meme coin Dogecoin.
Shiba Inu was originally dubbed as a Dogecoin knockoff, but it seems the tables have been turned. Dogecoin hasn't been able to shake its slump after being in the limelight this summer, rising to a high of CA$0.88 from just $0.0062 at the start of the year.
Some have profited nicely from this rally. A wallet that can be tracked on etherscan started accumulating back in August 2020, spending an estimated CA$14k worth by our count, which the wallets holding is now worth north of CA$7.4billion.
It may be tempting to jump in and join the rally, but be cautious of throwing in your life savings. Those who are already invested are touting SHIB to reach $0.01. With a total supply of SHIB set at 1,000trillion or 1 quadrillion, if SHIB manages to reach $0.01, the market cap would be worth a staggering $10trillion! But you never know in the world of crypto. Be sure to do your own research and invest what you are comfortable with.
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