Shiba Inu Coin rose 50% in one day and entered the top 11 largest cryptocurrencies

Shiba Inu Coin rose 50% in one day and entered the top 11 largest cryptocurrencies

Shiba Inu, the coin generated by Dogecoin, hit a record late last week and became the eleventh largest digital currency by market capitalization.

Shiba Inu (SHIB) sometimes rose 50% and set a record on October 24th (US time), according to data from CoinGecko.com.

A petition on Change.org tells Robinhood to list SHIB on their platform, and the petition has nearly 300,000 supporters. This token has grown more than 40 million percent in the past 12 months.

“Meme tokens have value now and will become an investment theme in 2021,” said Jonathan Cheesman, Head of OTC and Institutional Trading at FTX crypto derivatives exchange. “The inexpensive tokens are very attractive to retail investors,” as they can buy more than 20,000 SHIBs for USD 1, he said.

“With such memecoins, it is difficult to speculate about the real reason for the price movement. To be honest,” said Vijay Ayyar, Asia-Pacific head of the Luno crypto exchange. “But there are some interesting communities that are being built around these coins.”

“At the moment, all eyes seem to be on the Shiba Inu,” and speculation is the main driver of the sharp rise in prices, said Ben Caselin, head of research and strategy at the currency exchange.

Shiba Inu was created in 2020 by an anonymous person named Ryoshi, and the mint’s website describes it as “a decentralized meme token that has evolved into a living ecosystem”.

This coin appears to have been created to follow Dogecoin, a cryptocurrency created as a joke in 2013 that also represents the Shiba Inu, a Japanese breed of dogs. Dogecoin then became a popular cryptocurrency that was used to pay for some services from some soccer teams, AMC cinemas, etc.

According to CoinGecko, Dogecoin has also recovered in the past 24 hours. The market value reached around $ 34 billion, while Shiba Inu’s capitalization rose to $ 21 billion.

Vu Hao (according to Bloomberg)