Shiba Inu (CRYPTO: SHIB) has been one of the hottest cryptocurrencies to buy this year. Since the start of 2024, the meme token has more than doubled in value, performing even better than Bitcoin, the world's biggest crypto, which is up about 50%. Cryptocurrencies have benefited from growing optimism after regulators approved the first spot Bitcoin exchange-traded funds (ETFs) earlier this year.

As its value has risen, Shiba Inu's market cap is now more than $15 billion. It's still roughly $4 billion away from the next largest meme coin, Dogecoin (CRYPTO: DOGE), which has a market cap of about $19 billion. Can Shiba Inu catch up?

The risk and upside for meme token investors is that a lot often comes back to momentum, whether it's Dogecoin or Shiba Inu. With meme cryptos, speculation fuels much of the excitement surrounding their valuation. In the past, even a tweet from Tesla Chief Executive Officer and crypto enthusiast Elon Musk has been enough to send a meme token surging. One thing that Shiba investors are excited about now is the possibility of an ETF.

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Source Fool.com