- Shiba Inu has a market cap of $US40.45 ($AU54) billion, greater than some US household names, including meme stocks.
- AMC, Robinhood, General Mills, and Taco Bell owner Yum Brands lag the meme token in size of market valuation.
- Thanks to the “SHIBarmy,” the price of shiba inu has rallied more than 950% in the past month.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
The unlikely and epic rise of shiba inu has propelled the meme-inspired cryptocurrency to a market valuation of more than $US42 ($AU56) billion in recent days.
That trumps the market worth of companies behind some of the most iconic US brands, as well as some meme stock darlings of the Reddit army.
The total has fallen back to $US40.45 ($AU54) billion as of early Saturday, according to CoinMarketCap data. But shiba inu’s market capitalization has shot up since it was created in August last year.
Thanks to the “SHIBarmy” – fervent fans of the coin – its price has rallied more than 950% in the past month. The rise has been spurred by Tesla CEO and crypto fan Elon Musk tweeting about his shiba inu puppy, and a crypto whale buying 276.7 billion coins.
Shiba Inu is bigger than these 6 household and meme names in market cap:
Price per share: $US35.37 ($AU47)
Market cap: $US18.16 ($AU24) billion
Notes: AMC, which has been around since 1920, is the largest movie theater chain in the US.
AMC, which not long ago was flirting with bankruptcy, saw its stock price skyrocket this year as part of the meme stock buying spree among retail traders. Its shares have risen 1,568% this year so far.
The crypto-friendly cinema chain has said it plans to accept bitcoin, ethereum, and litecoin for some payments, and announced it will take dogecoin for gift card payments after a Twitter poll was overwhelmingly in favor.
AMC may even issue its own digital coin, its CEO Adam Aron said.
Price per share: $US124.94 ($AU166)
Market cap: $US36.94 ($AU49) billion
US fast-food group Yum Brands is the owner of iconic brands like KFC, Pizza Hut and Taco Bell, which it operates worldwide.
Based in Louisville, Kentucky, it has more than 50,000 restaurants in over 150 countries.
Recently, Yum Brands snapped up an AI-powered platform to improve food prep and optimize delivery, part of a tech buying spree.
Its shares are up 15% in 2021 so far.
Price per share: $US34.97 ($AU47)
Market cap: $US30.06 ($AU40) billion
Robinhood angered many customers earlier this year when it halted buying of GameStop, AMC and other meme stocks during an epic rally.
Influential investor Cathie Wood’s Ark Invest purchased $US79.4 ($AU106) million worth of Robinhood shares this week, after the company reported disappointing earnings. Its stock has fallen more than 10% below its July IPO price of $US38 ($AU51) per share.
Price per share: $US61.80 ($AU82)
Market cap: $US37.43 ($AU50) billion
Minneapolis-based General Mills, which traces its history back to 1856, is known for US household favorites like Cheerios, Progresso soup, Betty Crocker and Old El Paso.
The packaged-food company has 100 brands across the world, including Jus-Rol in the UK and Latina pasta in Australia.
Its products performed well during the pandemic, as people stuck at home stocked up. But its prospects were less clear as restrictions lifted and out-of-home dining came back, and as commodity costs rose.
In spite of that, General Mills posted solid earnings in September, saying people are still baking like they did during lockdowns. Its stock is up 5.1% for the year so far.
Price per share: $US183.51 ($AU244)
Market cap: $US14.04 ($AU19) billion
Set up in 1984, GameStop is a video game retailer with stores across the US that became the focus of a retail-trading frenzy in January.
Activist members of the Reddit forum WallStreetBets piled into the stock to try to drive its price higher and put a squeeze on institutional short sellers. GameStop’s price skyrocketed more than 1,000% in just a few weeks. For the year so far, the stock is up 874%.
Since the Reddit-fueled rally, GameStop management has made a push to become the Amazon of gaming with the help of Chewy cofounder Ryan Cohen.
Price per share: $US49.49 ($AU66)
Market cap: $US25.46 ($AU34) billion
Multinational label conglomerate Warner Music Group counts Ed Sheeran, Bruno Mars, Nigerian singer and rapper Burna Boy, and rapper Lizzo among its artists. It is the world’s third-largest company of its kind and has labels Warner Records, Atlantic and Parlophone on its roster.
Stock in the music and entertainment group, founded in 1958, started trading on the Nasdaq exchange in June last year. Warner Music initially planned to go public in the first quarter of 2021, but pulled its IPO after the coronavirus outbreak slammed financial markets.
The pandemic caused other problems for Warner Music. It caused supply problems, and its retail stores were closed. Concerts and video shoots were delayed.
But analysts now expect the company to perform well, and its stock price rose after its earnings report Thursday. Its shares are up 30% for the year so far.