The criptomonedas sound increasingly among the population, however, for some still is a mystery. Countries that choose the path to institutionalize them grow: El Salvador has turned Bitcoin into official currency, the European Commission plans to regulate its transactions, and the US recently created an exchange-traded fund for Bitcoins futures (ETFs).
Despite the mistrust of some due to its volatility, virtual currencies do not stop being created. One of the most notable latest is Siba Inu (SHIB), a cryptocurrency based on a meme , which has become the rival of the already existing Dogecoin.
According to CoinGecko, SHIB increased in value by 349% in just 30 days and currently has a market capitalization of € 30.3 billion. This figure places it above some companies such as Robinhood.
SHIB is an ERC-20 token and works on the Ethereum blockchain . This means that users must afford the high prices for token transactions . Therefore, despite its success, the currency has a future obstacle when compared to Dogecoin.
However, these long-term concerns do not seem to bother their buyers. In fact, one person invested 6,928 euros in August 2020 and it is estimated that he has earned 4,936 million euros in all this time.
Hawie Rattray, an investor and early backer of crypto companies such as KR1 and Argo Blockchain , commented on Siba Inu’s triumph on Business Insider : ” We live in a meme economy .” For him, this does not mean that SHIB is less stable than serious technological ideas.
Furthermore, Rattray considers that people who judge the market ” based on 1 or 2 projects are naive and myopic .” ” I could point you to a bunch of publicly traded stocks, which are unrealistic valuations for no reason at all, ” he adds.
Radkl CEO Ryan Sheftel agrees with Rattray: ” It’s better to let innovative people think, prosper and try different things .”
Shiba Inu is not the only cryptocurrency on the rise. Ether, Ethereum’s native token, has risen in value to 3,983 euros and Bitcoin does not stop growing either.
As Charlie Morris, the chief investment officer of crypto asset manager ByteTree, explains to Crypto Insiders , past results show that BTC usually performs well in the last 3 months of the year .
Morris dares to make his predictions: ” From 3 to 6 months, Bitcoin will reach 86,602 euros and Ethereum will stay between 6,928 euros and 8,660 euros .” The estimates of this investment director coincide with those of other experts who have come to point out that BTC could reach $ 100,000 in value.