Shiba Inu Is Skyrocketing: Is It a Top Cryptocurrency to Buy Right Now !!
This meme token is attracting lots of fresh capital, although it's still well off its all-time high.After a tumultuous 2022 that saw crypto asset prices tank, the cryptocurrency market has come roaring back in the last 14 months. With this favorable backdrop in mind, it's not surprising that some of the most speculative tokens are on the way up.Look at dog-themed meme token Shiba Inu (SHIB -6.02%). Yes, it remains 64% off its peak price from October 2021. But as of March 13, the digital asset has skyrocketed 238% in just the last month.
Given this powerful momentum, perhaps supporters are hoping there are better days ahead. Is Shiba Inu a top cryptocurrency to buy right now?
Quickly rising
Shiba Inu's rise coincides with the ascent of its inspiration, Dogecoin, which has more than doubled in the past month. Another more under-the-radar token, called PEPE, which isn't even one year old, has soared by a whopping 700% in the period.
While it's impossible to know exactly what is causing these price spikes, we can point to a factor that is perhaps adding to buyers' excitement: the monster success of the new spot Bitcoin exchange-traded funds (ETFs). Regulatory approval of these highly anticipated financial instruments lends a certain level of legitimacy to the entire asset class. Maybe investors are hoping for more crypto ETF approvals to happen. Because Shiba Inu is viewed as one of the most speculative cryptocurrencies out there, it makes sense that its price can surge rapidly. Once early buyers get in, the price increase attracts more attention, creating a positive feedback loop. This momentum can be a powerful force, until it unpredictably ends.
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