Shiba inu cryptocurrency price hits a new high

New Delhi (CNN Business) – The shiba inu cryptocurrency soared to a new high on Wednesday, crowning an increase of more than 60,000,000% in the last year.

The parody cryptocurrency – which appears to be inspired by dogecoin, another meme cryptocurrency – has risen nearly 30% in the past 24 hours, according to CoinGecko. It has trimmed some of its earnings since hitting its all-time high, early in the morning in the US, but it is still the 11th largest digital currency by market capitalization.

The token, which launched last year, has risen roughly 100% in the past seven days, and now has a market value of about $ 26 billion.

Like dogecoin, shiba inu is kept by a dog of the shiba inu breed. Its meteoric rise has made some investors millionaires overnight.

The coin has also garnered a handful of celebrity supporters, from former band stars to professional athletes.

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Earlier this year, Ethereum co-founder Vitalik Buterin made headlines for donating $ 1 billion of shiba inu currency to a covid-19 relief fund in India.

The petition to Robinhood

Its dramatic rise this week coincides with increased support for a petition urging trading platform Robinhood to list shiba inu currency on the site. The petition has gathered 334,500 signatures, so far.

Robinhood did not immediately respond to a request for comment from CNN Business. In 2018, the company began expanding its crypto offerings beyond bitcoin and ethereum, to include currencies that include litecoin and bitcoin cash.

This year, the record rise of dogecoin put so much pressure on the platform’s crypto trading systems that it briefly fell. This week, it said that cryptocurrencies accounted for nearly 20% of its third-quarter transaction-based revenue, or about $ 51 million. This represents an increase of 860% compared to the same period last year.

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The shiba inu coin also surged earlier this week, but lost some recent gains after Tesla CEO Elon Musk – who is a huge fan of dogecoin – tweeted that he does not own any shiba inu coins. In a later tweetHe added that he has bought “bitcoin, ethereum and doge. That’s it.” Musk’s tweets have frequently rocked the cryptocurrency markets.

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 unit 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 $ 60,000.