The parody cryptocurrency Shiba inu coin just hit a new high and is now one of the most valuable digital currencies in terms of market capitalization.
According to CoinGecko, Shiba coin, which looks to be inspired by dogecoin, a meme crypto, has increased by more than 40% in the last seven days. The coin is ranked as the 11th largest cryptocurrency on the internet.
According to the website, the token has increased by more than 45 million percent in the last year.
After Tesla Chief Executive Officer Elon Musk, a major lover of dogecoin, tweeted that he doesn’t own any Shiba coin, it plunged roughly 10% from its all-time high. Musk’s statements have had a significant impact on cryptocurrency markets.
More bite than bark
The Shiba Inu dog serves as the mascot of Shiba coin, which, like Dogecoin, is the ninth most valuable cryptocurrency by market capitalization. Some investors have become millionaires overnight as a result of its spectacular surge.
The coin has also attracted the support of a number of celebrities, ranging from former boy band members to professional athletes.
Ethereum co-founder Vitalik Buterin made headlines earlier this year when he donated $1 billion worth of Shiba coin to a COVID-19 relief fund in India.
Rallying support
More than 300,000 people have signed a Change.org petition pushing trading platform Robinhood to include the Shiba inu coin.
Other popular virtual currencies have experienced rapid growth as well. Last week, Bitcoin, the world’s most expensive cryptocurrency, surpassed the previous high of approximately $67,000 per coin established in April.
From slightly under $44,000 at the end of September, bitcoin prices had risen by 50% this month. The price of bitcoin is currently at $62,000.
The surge has been spurred by increased optimism that U.S. regulators will not crack down on cryptocurrencies, as well as encouragement from major investors like George Soros and the creation of the first exchange-traded fund linked to bitcoin futures.
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