There are many interesting cryptocurrencies in the world and the shiba inu coin is one of them. It reached an all-time high on October 25 and is one of the largest cryptocurrencies in terms of market value.
The cryptocurrency which appears to be inspired by dogecoin is up more than 40% over the last seven days. It is the 11th largest cryptocurrency by market value. The coin gained more than 45 million percent in 2020.
However, it later declined about 10% from its all-time high due to Tesla’s CEO Elon Musk’s tweet. Musk is a big fan of dogecoin. He tweeted that he does not own any shiba coin. His tweets frequently moved crypto markets.
Similar to another cryptocurrency dogecoin, shiba inu features the Shiba Inu dog as its mascot. Shiba inu coin’s meteoric rise made some investors millionaires overnight. It also won a handful of celebrity backers, from former boy band stars to pro athletes.
Several factors helped to boat this cryptocurrency. The project surpassed the 1 million mark for followers on Twitter. Plus, one of the biggest cryptocurrencies now boasts more than 760,000 holders for the SHIB token.
This year, Ethereum’s co-founder Vitalik Baturin made headlines by investing $1 billion worth of shiba inu coin to a Covid-19 relief fund in India.
As can be seen from Charge.org’s petition shiba inu coin is quite popular. A Change.org petition urging Robinhood to list it on site garnered hundreds of thousands of signatures.
The trading platform Public.com is also ready to embrace this cryptocurrency. Its users can now trade Shiba inu. Moreover, Coin Cloud made it easier for users to access shiba inu by launching SHIB at its crypto ATM machines.
Other popular cryptocurrencies including bitcoin also reached great results. The world’s largest cryptocurrency in terms of market value bitcoin hit an all-time high of nearly $67,000 per coin last week. On October 20, bitcoin reached $66,974.77 around 10:45 a.m. EDT.
The price of bitcoin jumped 50% in October, from just under $44,000 at the end of September. Currently, it is trading at almost $62,000. Bitcoin jumped nearly 10% several weeks ago following the news that the investment fund founded by George Soros owns bitcoin. The launch of the first exchange-traded fund tied to bitcoin futures also helped to boost its price.
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