Key takeaways:
- Shiba Inu is by far the biggest crypto gainer of 2021, up almost 700,000x in the last 11 months.
- Despite the price of SHIB losing 40% from its late-October peak, a majority of SHIB holders are comfortably in the green
- SHIB can be a good portfolio diversifier due to its low correlation with the price performance of Bitcoin
SHIB is up 690,000x year-to-date (YTD)
Shiba Inu (SHIB) is by far the biggest digital currency gainer of 2021 – and it’s not a particularly close race. To put the memecoin’s impressive market performance into perspective, let’s take a look at second-placed Axie Infinity (AXS), which has managed to gain over 24,000% since January 1. SHIB is up almost 300x times as much as AXS, for a total of 69 million percent.
Over the course of the year, the red hot digital token has grown past the confines of the cryptocurrency community and become a frequent topic of discussion for those who are otherwise not as involved in digital assets.
At its highest point in late October, Shiba Inu managed to surpass the $40 billion market valuation and overtake Dogecoin (after which it was inspired) to become the 8th largest crypto by market cap. Although the price of SHIB has dropped by over 40% since its all-time high, a majority of its holders are in the profit.
According to data from Intotheblock, 71% of SHIB holders are making money at current market rates, 12% are breakeven(-ish), and 17% are in the red. Furthermore, 78% of SHIB in circulation is held by large holders, which are identified as those addresses that are holding more than 0.1% of SHIB’s circulation supply.
Interestingly, contrary to most digital assets, which experience their highs and lows in line with Bitcoin, SHIB has a relatively low price correlation to the world’s biggest crypto. As such, SHIB is a good option for those whole are looking to diversify their cryptocurrency portfolio.
The popularity of SHIB might hit a new high point if the Robinhood exchange obliges the 500,000 users who have signed the petition at Change.org for the Shiba Inu listing. Although the exchange’s chief operating officer (COO) Christine Brown rejected the possibility of adding SHIB to the list of supported digital assets in the near term, Brown praised the Shiba Inu community and didn’t reject the possibility of listing SHIB down the road.
SHIB has gained 1.84% in the last 24 hours and is currently trading at $0.00005408. With more than 549 trillion tokens in circulation, Shiba Inu is currently valued at $29 billion, good for the 11th spot in cryptocurrency market cap rankings.
