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11.26 crore) worth of Shiba Inu (SHIB) to its balance sheet. What seems apparent though, is that retail investors - the little guys - are leading the way.Canadian online medical service provider Ask The Doctor announced that it had added $1.5 million (roughly Rs. Whether that lack of regulation is driving the recent spikes in Shiba and other digital assets is not clear. Securities and Exchange Commission, Gary Gensler, said in August that the world of crypto doesn’t have enough investor protection and compared it to “the Wild West.” Stronger regulation of the crypto markets seems inevitable, but it’s unclear when it might happen. Its CEO Vladimir Tenev told investors last week that the company would “carefully evaluate whether we can add new coins in a way that’s safe for customers and in line with regulatory requirements.” Robinhood currently allows trading of Dogecoin and other cryptocurrencies. A petition with more than 450,000 signatures on is pushing for the mobile trading app Robinhood to start allowing Shiba trades. While Shiba is the current white-hot cryptocurrency, you can’t trade it through more traditional brokers - yet. Lately, it’s consistently traded around $180. Among stocks, GameStop had a surge that rivals Shiba’s, rocketing from about $17 per share in early January to $483 later that month. Bitcoin has doubled in value twice this year - with a rapid plunge in between - and now sells for more than $60,000 per coin. Investors might be thinking this story sounds familiar. “This is what happens when you have massive speculation in assets with no intrinsic value,” Reiners said. Reiners said he’s not surprised by Shiba’s recent spike. Lee Reiners, an outspoken crypto skeptic, teaches fintech and cryptocurrency courses at Duke University School of Law. Experts warn that investors need to be cautious about putting money into something with anonymous leadership that appears to have little functional use.
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Like most cryptocurrencies, Shiba is not commonly used for commercial transactions and is considered by most experts and investors to be a high-risk, speculative bet due to the broader volatility of the crypto market.
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If you bought $1,000 worth of Shiba in late September, your 20 million coins would now be worth around $9,000. Most of that gain came in a flurry of trading last Wednesday, when it gained a whopping 66%.Įven with its recent meteoric rise - it’s up about 900% in the past month - each Shiba coin costs just a tiny fraction of one cent. Shiba was up another 10% at midday on Monday and has doubled in value in the past week. The recent trading frenzy over a digital token called Shiba Inu - commonly billed as a “meme” or joke coin - has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin. (AP) - Cryptocurrency has officially gone to the dogs.