Shiba Inu rises 50 percent to a record high and becomes the 11th largest cryptocurrency coin

Largest cryptocurrency
Largest cryptocurrency

 

Shiba Inu flew to all-time highs over the weekend and became the 11th largest cryptocurrency by market value, Over the past year, the token has grown by more than 40 million percent, Shiba Inu was established in 2020 by an unknown person named Ryoshi.

Shiba Inu soared to all-time highs over the weekend and became the 11th largest cryptocurrency by market value, SHIB is known to have risen 50% in the 24 hours to 10:10 am New York time on Sunday, according to CoinGecko.com prices, and hit a record high earlier that day A petition on Change.org urging Robinhood to host SHIB on its platform has garnered nearly 300,000 signatures. Over the past year, the token has grown by more than 40 million percent.

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He said Memes have value and will be invested in 2021,” Jonathan Cheesman, head of OTC and Institutional Sales at the FTX crypto derivatives exchange, said in an email on Sunday. “Lower dollar tokens are attractive to retailers” because investors can still buy over 20,000 SHIB for $1 The SHIB ecosystem has also ditched a number of non-fungible tokens or NFTs, and their description page says they are currently out of print, although it promises more packages will be available soon.

“With these memcoins, it’s hard to speculate on the real reasons for the price movement, to be honest,” said Vijay Ayyar, head of the Asia-Pacific region with cryptocurrency exchange Luno Pte on Sunday. But “some interesting communities are being built around them, History shows that caution can be warranted.

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“At the moment, attention seems to be focused on SHIB,” and speculation is the main driver of the rise in prices, Ben Caselin, head of research and strategy at the AAX crypto exchange, said Sunday. He added that previous cryptocurrency patterns and dynamics indicate that SHIB is “likely to face challenges from other projects and lose most of its value” later in the market cycle.

Shiba Inu was founded in 2020 by an anonymous source named Ryoshi, and is referred to on the coin’s website as “a decentralized meme token that has grown into a vibrant ecosystem.”

It looks like it was created in the spirit of Dogecoin, a cryptocurrency that was jokingly created in 2013 and also has a Shiba Inu theme modeled on the Japanese dog breed. Since then, Dogecoin has become a popular token used for payments by some sports teams, AMC theaters, and others.

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Dogecoin has also rallied in the past 24 hours, according to CoinGecko. Its market value is about $ 34 billion, and the Shiba Inu is about $ 21 billion. Both can be quite volatile, Yes, that’s right – in the top 10 cryptocurrencies, not counting stablecoins, there are two doggy meme coins,” said Cheeseman. “Don’t retell what millennials find funny.”