New Delhi (CNN Business) – The shiba inu coin parody cryptocurrency has just risen to its all-time high and is one of the largest digital currencies by market value.
The Shiba coin – which appears to be inspired by dogecoin, a meme coin – has risen more than 40% in the past seven days, according to CoinGecko. The website ranks the coin as the 11th largest cryptocurrency.
The token has gained more than 45% in the last year, the site noted.
It later fell about 10% from its all-time high after Tesla CEO Elon Musk – who is a huge fan of dogecoin – tweet that he doesn’t own any shiba coins. Musk’s tweets have frequently rocked the crypto markets.
Like another peculiar digital currency, Dogecoin – which is the ninth largest cryptocurrency by market value – shiba coin has the Shiba Inu dog as a pet. Its meteoric rise has made some investors millionaires overnight.
The coin has also garnered a handful of famous supporters, from former band stars to professional athletes.
Earlier this year, Ethereum co-founder Vitalik Buterin made headlines by donating $ 1 billion in shiba coins to a covid-19 relief fund in India.
A request for Change.org urging trading platform Robinhood to list shiba inu currency on its site has garnered 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 set in April.
The price of bitcoin has soared 50% this month, from just under $ 44,000 at the end of September. Currently, bitcoin is trading at almost $ 62,000.
The rise has been fueled by renewed hopes that U.S. regulators will not crack down on cryptocurrencies, support from big investors like George Soros, and the launch of the first exchange-traded fund tied to bitcoin futures.
Paul R. La Monica contributed to this report.
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