Somewhat resembling developments of Dogecoin in early 2021, the market cap of Shiba Inu (SHIB) more than tripled in only a few weeks. This rapid growth especially occurred since September 2021, with the cryptocurrency breaking the 10 billion U.S. dollar barrier multiple in the following month. Whilst no exact reason was given why the memecoin grew so fast during this time, the digital currency did become available on Coinbase, one of the world's most well-known crypto exchanges, on September 17. This move, and the fact that consumers in the U.S. and the UK overall tend to invest in crypto for fun or as a potential growth investment, might explain the popularity of the dog-themed coin. Indeed, Shiba Inu ranked as the number 13 cryptocurrency in the world based on market cap in late October 2021 - closely behind DeFi-affilated like Uniswap (UNI) and Terra (LUNA).
Market capitalization of Shiba Inu (SHIB) from August 2020 to September 24, 2024
(in billion U.S. dollars)
Characteristic
Shiba Inu (SHIB) market cap (in billion U.S. dollars)
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CoinMarketCap, & Statista. (September 25, 2024). Market capitalization of Shiba Inu (SHIB) from August 2020 to September 24, 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 14, 2024, from https://www.statista.com/statistics/1271617/shiba-inu-daily-market-cap/
CoinMarketCap, und Statista. "Market capitalization of Shiba Inu (SHIB) from August 2020 to September 24, 2024 (in billion U.S. dollars)." Chart. September 25, 2024. Statista. Accessed October 14, 2024. https://www.statista.com/statistics/1271617/shiba-inu-daily-market-cap/
CoinMarketCap, Statista. (2024). Market capitalization of Shiba Inu (SHIB) from August 2020 to September 24, 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 14, 2024. https://www.statista.com/statistics/1271617/shiba-inu-daily-market-cap/
CoinMarketCap, and Statista. "Market Capitalization of Shiba Inu (Shib) from August 2020 to September 24, 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 25 Sep 2024, https://www.statista.com/statistics/1271617/shiba-inu-daily-market-cap/
CoinMarketCap & Statista, Market capitalization of Shiba Inu (SHIB) from August 2020 to September 24, 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1271617/shiba-inu-daily-market-cap/ (last visited October 14, 2024)
Market capitalization of Shiba Inu (SHIB) from August 2020 to September 24, 2024 (in billion U.S. dollars) [Graph], CoinMarketCap, & Statista, September 25, 2024. [Online]. Available: https://www.statista.com/statistics/1271617/shiba-inu-daily-market-cap/