Shiba Inu's Price Surges 21% as SEC Classification Boosts Meme Coin

After over a year of declines, Shiba Inu's price has been trending higher over the last month. The cryptocurrency peaked in 2021 but is still a recognizable name with a market cap of about $3 billion. Its price has increased by 21% over the last month as of September 18.

The Securities and Exchange Commission (SEC) classified Shiba Inu as a commodity in March, and T. Rowe Price has filed for an ETF that could hold the meme coin, among other cryptocurrencies. This classification means Shiba Inu doesn't fall under the SEC's strict securities rules.

Shiba Inu remains an extremely risky crypto investment, and most meme coins don't stick around long. It reached a price of $0.000045 in 2024, which is about nine times higher than its current price. However, that's entirely up to chance, and the likelihood of it happening is slim.