It is the meme cryptocurrency that was created as a derivative of Elon Musk's favorite currency, Dogecoin. And, now, it seems that Shiba Inu has finally reached a point where he can compete with his biggest rival.
Over the past 24 hours, the digital token is up nearly 30 percent, hitting a record above $ 0.00006, according to CoinGecko.
It is now the 11th largest cryptocurrency with a market capitalization of more than $ 29 billion. Dogecoin still leads it with a market capitalization of $ 31 billion.
Although the meme token has been around for over a year, recent speculation about online trading firm Robinhood adding that Shiba Inu has soared the shares of the coin. Shiba Inu supporters are even petitioning for Robinhood in Change.org to add the currency.
So far, the petition has garnered more than 360,000 signatures. Robinhood, however, hasn't said if he's still adding Shiba Inu.
Shiba Inu is based on the Ethereum blockchain, CNBC reports. The use of which is part of a big trend involving new token projects called "decentralized finance". The goal is to recreate traditional financial services such as loans and commerce.
