Shiba In Surpasses XRP in Market Capitalization: Find Out Why
Shiba Inu (SHIB) surpassed Ripple (XRP) in market capitalization. Shiba Inu managed to bring its stock price to beyond $50 billion, surpassing XRPs position in market capitalization.
On the other hand, XRP’s market capitalization significantly decreased since its overall April 2017 high. From the market cap of $88.33 billion, it decreased to $46.87 billion, a 47% decline throughout the years.
Many investors were hoping for a turnaround during 2021 because of Ripple’s rapid expansion worldwide. Because of an acceptable start at the beginning of the year, traders hoped Ripple would surpass Bitcoin by $6.57, at least a 164% increase from its position in January.
However, as more subsequent events unfolded to Ripple’s demise, the reality of this goal dwindled further.
On the other hand, many traders also believe that XRPs market capitalization can still work to increase the cryptocurrency’s price. Currently, there are over 38,739,144,847 digital coins in circulation.
Because of the significant number of circulating coins, XRP can lower its price without jeopardizing its market cap. On the other hand, larger market capitalization coins like Bitcoin only have 16,789,425 coins in circulation.
This reality increases the chances of XRP surpassing Bitcoin in the future too. However, this possibility might not be as realistic as people perceive it to be.
Ripple’s participation with other financial institutions could also decrease its likelihood of achieving its desired market capitalization. Since cryptocurrency is decentralized, partnering with other financial firms removes the primary of digital currencies.