Shiba Inu jumps 50% to record, becoming 11th-biggest crypto coin

SHIB was up 50% in the 24 hours to 7:45 a.m. New York time Sunday, based on CoinGecko.com pricing, hitting a record earlier in the hour.

A petition on Change.org imploring Robinhood to list SHIB on its platform has almost 300,000 signatures. The token has gained more than 40,500,000% in the last year.

"Memes have value and have been an invertible thesis in 2021," Jonathan Cheesman, head of institutional and over-the-counter sales at crypto derivatives exchange FTX, said in an email Sunday. attractive to retail "because investors can still buy more than 20,000 SHIBs for $ 1.

The SHIB ecosystem has also removed a number of non-fungible tokens, or NFTs, and a page for them says that they are currently out of stock, although it promises other packages will be arriving soon.

"With such memecoins it is difficult to speculate on the real reasons for the price movements, in all honesty," Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno Pte., Said in a message on Sunday. But "there are some interesting communities that are being built around them."

Shiba Inu was founded in 2020 by an anonymous person by the name of Ryoshi, and the coin's website refers to it as "a decentralized meme token that evolved into a vibrant ecosystem."

It appears to have been made in the vein of Dogecoin, a cryptocurrency that was created as a joke in 2013, and it also has a Shiba Inu theme. Since then, Dogecoin has become a popular token that some sports teams, AMC cinemas, and others use for payments.

Dogecoin has also risen in the last 24 hours, according to CoinGecko. Its market value is about 33,000 million dollars, while that of Shiba Inu is around 21,000 million dollars. Both can be quite volatile.

"Yes, that's right, there are two doggy meme coins in the top 10 cryptocurrencies, excluding stablecoins," Cheesman said.