The market value of the Shiba Inu is approximately $21 billion.
Shiba Inu cryptocurrency Jumped 50% over the weekend, becoming the 11th biggest cryptocurrency.
“Memes have value and are an investable thesis in 2021,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, said in an email on Sunday. Bloomberg told. He added that, “low dollar-denominated tokens are attractive to retail” as investors can buy more than 20,000 SHIB for $1.
The Shiba Inu skyrocketed 50% in the 24-hour period from Saturday to Sunday morning, and traded as 0.00004442 . as high in the last day. Its market value sits at around $21 billion, and has reached more than 1 million new merchants Last week.
Overall, the coin has grown by over 40,500,000% over the past year, Bloomberg reported.
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Another cryptocurrency, Dogecoin, also jumped over the weekend, with a market cap of around $33 billion.
“Yeah, that’s right – there are two doggy meme coins in the top 10” excluding stable coins in crypto, Cheesman said. “Don’t do the little things Millennials think are funny.”
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Shiba Inu was founded last year by an unidentified person known simply as “Ryoshi” and its website describes the coin as “a decentralized meme Token that evolved into a vibrant ecosystem.”
a petition on Change.org with over 300,000 Signature is calling on popular investment and stock trading app Robinhood to list SHIB on its platform, noting its success in recent weeks.
“Dogecoin has been a huge success for Robinhood and its investors. We have all enjoyed the ride. The Shiba Inu is a similar meme coin with real potential, up 2000% over the past weeks! Gaining new ground day by day “The petition states.