The parody cryptocurrency, which appears to be inspired by dogecoin, another meme cryptocurrency, is up nearly 30% in the last 24 hours, according to CoinGecko. It has trimmed some of its gains since hitting its all-time high in the early hours of the morning US time, but it is still 11th. largest digital currency by market capitalization.
The token, which launched last year, has risen roughly 100% in the past seven days and now has a market value of around $ 26 billion.
Like dogecoin, the shiba inu coin features the Shiba Inu dog as a pet. Its meteoric rise has made some investors millionaires overnight.
The coin has also won a handful of famous backers, from former boy band stars to professional athletes.
Earlier this year, Ethereum co-founder Vitalik Buterin made headlines by donating $ 1 billion in shiba inu currency to a Covid-19 relief fund in India.
Its spectacular rise this week coincides with the rise in support for a Change.org petition urging the Robinhood trading platform to list shiba inu currency on the site. The petition has obtained 334,500 signatures so far.
Robinhood did not immediately respond to a request for comment from CNN Business. The company in 2018 began expanding its cryptocurrency offerings beyond bitcoin and ethereum to include currencies like litecoin and bitcoin cash.
This year, the record rise of dogecoin put so much pressure on the platform's crypto trading systems, that it was briefly broken. He said this week that cryptocurrencies accounted for nearly 20% of his transaction-based revenue. in the third trimester, or about $ 51 million. That's an 860% increase over the same period last year.
The Shiba Inu coin also rose earlier this week, but lost some recent gains after Tesla CEO Elon Musk, who is a huge fan of Dogecoin, tweeted that he does not own any Shiba Inu coins. in a follow-up tweetHe added that he has bought "Bitcoin, Ethereum & Doge. That's it." Musk's tweets have frequently rocked the crypto markets.
Other popular virtual currencies have also seen explosive growth. Bitcoin, the world's most valuable cryptocurrency, hit an all-time high of nearly $ 67,000 per coin 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 $ 60,000.
