The Shiba coin, which appears to be inspired by dogecoin, itself a meme coin, has risen more than 40% in the past seven days, according to CoinGecko. The website is classified the coin as the eleventh largest cryptocurrency.
The token has gained more than 45 million percent in the last year, the site noted.
It later fell about 10% from its all-time high after Tesla CEO Elon Musk, who is a big fan by dogecoin - tweeted who does not own any shiba coins. Musk's tweets have frequently rocked the crypto markets.
Like another quirky digital currency, Dogecoin, which is the ninth largest crypto by market value, the shiba coin features the Shiba Inu dog as its pet. its meteoric rise has caused some investors millionaires overnight.
The coin also has won a handful of famous sponsors, from former boy band stars to professional athletes.
Earlier this year, Ethereum co-founder Vitalik Buterin made headlines by donating $ 1 billion in shiba coins to a Covid-19 relief fund in India.
TO Change.org petition urging trading platform Robinhood to list Shiba Inu coin on the site has garnered more than 300,000 signatures.
Other popular virtual currencies have also seen explosive growth. Bitcoin, the most valuable cryptocurrency in the world, reached an all-time high of almost $ 67,000 per currency last week, beating the previous record set in April.
Bitcoin prices have risen 50% this month, from just under $ 44,000 in late September. Bitcoin is currently trading at almost $ 62,000.
The pop has been fueled by renewed hopes that regulators in the United States will not crack down on cryptocurrencies, support from big investors like George Soros and the launch of the first exchange-traded fund linked to bitcoin futures.
- Paul R. La Monica contributed to this report.
