The Shiba coin – which appears to be inspired by Dogecoin, itself a meme currency – has risen more than 40% in the past seven days, according to CoinGecko. The site ranks the coin as the eleventh largest cryptocurrency.
The token has gained more than 45 million percent in the past year, the website said.
It later fell about 10% from its all-time high after Tesla CEO Elon Musk – who is a huge fan of Dogecoin – tweeted that he didn’t own any Shiba coins. Musk’s tweets have moved the crypto markets many times. 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 mascot. It is meteoric rise turned some investors into millionaires overnight.
The coin has also won a handful of prominent supporters, from former boy band stars to professional athletes.
Earlier this year, Ethereum co-founder Vitalik Buterin made headlines when he donated $ 1 billion in Shiba coins to a Covid-19 relief fund in India.
A petition from Change.org requesting the Robinhood trading platform to be added to the list Shiba Inu Coin on site has collected more than 300,000 signatures. 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 from April.Bitcoin prices are up 50% this month, from just under $ 44,000 at the end of September. Bitcoin is currently trading at nearly $ 62,000. The pop was fueled by renewed hopes that regulators in the United States wouldn’t crack down on cryptocurrencies, support from big investors like George Soros, and the launch of the first exchange-traded fund tied to Bitcoin in the future.
– Paul R. La Monica contributed to this report.