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As of Friday afternoon, it is valued at $ 0.000072, after reaching a high of $ 0.000077 earlier in the day.

Meme cryptocurrency has grown by 60,000,000 percent in the last year.

It now has a market capitalization of $ 38.5 billion - more than companies like HP and Nokia.

But what is it doing so popular and is it possible to predict if it could continue to grow? Here's what you need to know.

What is Shiba Inu Currency?

On its website, Shiba Inu Coin calls itself "an experiment in decentralized community building."

It was released in August 2020 and is listed on its own decentralized stock exchange called ShibaSwap.

According to Binance, the total offer of Shiba Tokens is a quarter of a billion (1,000,000,000,000,000,000) and the current offer in circulation is 100 percent.

The Shiba Token website reports that 50 percent of the total offer is locked to Uniswap, a decentralized financing protocol that facilitates automated transactions between distinctive cryptocurrencies in the Ethereum blockchain.

The remaining 50 percent was burned by Ethereum co-founder Vitalik Buterin.

"Everyone has to buy in the open market, ensuring a fair and complete distribution, where developers do not have team insignia that they can reject in the community," the website said.

However, according to Binance, "the top wallets no 1, no 2 and no 5 hold 50.5 percent, 7 percent and 3 percent of the total offer respectively".

The mascot of the currency is the shiba inu dog, the same breed that represents Dogecoin. He is also nicknamed "Dogecoin Killer".

Why is Shiba Inu going up?

Some investors find attractive currencies like the Shiba Inu, as they offer the opportunity for quick profits. However, you can also lose all your money in a little over a while.

Jonathan Cheesman, head of institutional sales at the FTX cryptocurrency exchange, told Bloomburg about the rise of Shiba Inu Coin:

The market has also been boosted by rumors that it may soon be added to the popular Robinhood trading platform.

More than 300,000 people have signed a report on Change.org asking for its addition, and while Robinhood has not yet responded, CEO Vladimir Tenev said earlier this week that the platform "will carefully evaluate whether we can add new currencies with in a way that is safe for customers and in accordance with regulatory requirements ".

He added: "We feel very, very good with the currencies we are currently registering on our platform. And for any new coins we add, we want to feel the same, if not better. "

It doesn't take long for the Shiba Inu market to move - earlier this month its price rose sharply as Elon Musk posted a photo of his puppy on Twitter.

Musk revealed that he does not own any Shiba Inu Coin, but has Bitcoin, Ethereum and Dogecoin.

Shiba Inu price forecast

Marie Tatibouet, marketing director of cryptocurrency exchange Gate.io, told the Sun that she expects Shiba's enthusiasm to level off somewhat.

"I see some correction coming in the near future as the advertising campaign shrinks a bit," he said.

However, Jordan McCreery, a founding partner of Ingrained Media, is much more upward.

"I think Shiba has some real potential to increase from a fraction of a cent to $ 0.01 or more," he said.

"We saw a big jump just this week, in the coming weeks as we complete 2021, the price will probably continue to run."

Don Guo, CEO of fintech Broctagon, said it was impossible for Shiba Inu to ever reach $ 1.

"In order for SHIB to reach one dollar, it requires capitalization to buy a quarter of a billion US dollars," he told the Express.

"In comparison, the total US National Debt is $ 23.3 trillion - and even this staggering amount is less than 3 percent of the amount required for SHIB to reach this price point.

"Given the current trends, it is more likely that Shiba will remain inside its station for less than a fraction of a cent."

Should I invest in Shiba Inu?

People invest at their own risk and cryptocurrencies are not controlled by the  financial authorities.

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