Shiba Inu coin, a meme coin that was launched last year, has now surged over 70 per cent over the last 24 hours to trade at a record high price. The coin price surged to an all-time high despite a snub from cryptocurrency enthusiast Elon Musk. Shiba Inu price skyrocketed to $0.00008456 on Thursday morning before dropping marginally to trade at almost half the price.
Shiba Inu rose to a record price of $0.00008456, up 72.62 per cent from the day before, according to CoinMarket Cap. The coin has then fallen in price and is trading at ₹ 0.004844, as of 12 pm on Thursday. However, the coin inspired by Dogecoin scaled its way up to become the 11th largest cryptocurrency with a market cap of $32 billion before its fall. The token has now surged roughly 100% in the last seven days and has grown the most among meme coins in terms of market valuation in the past year.
The record-breaking high of the token came after a Change.org petition urging crypto trading platform Robinhood to list Shiba Inu rose in popularity. The petition started by one Tristan Luke managed to receive over three lakh signatures within hours of its listing and keeps growing in popularity. "Gaining new ground by the day. Shiba has just been listed on Binance, and its momentum grows by the hour. Half the questions when we log into trading forums ask "How can I buy Shiba!??" Let's encourage Robinhood to be the first traditional brokerage to get on this train!" the petition states.
Much like its main competitor, dogecoin, Shiba Inu coin also features the Shiba Inu dog as its mascot. The coin has also been pushed by several celebrities. Earlier this year, Ethereum co-founder Vitalik Buterin brought the coin to headlines by donating $1 billion worth of Shiba Inu coin to a COVID-19 relief fund in India. However, the coin had dipped in valuation after Tesla CEO Elon Musk revealed that he did not own a single Shiba Inu token despite being a backer of meme coins.
In 2020, Shiba Inu was founded by an anonymous person going by the name Ryoshi. As per the coin's website, it goes by the phrase, “a decentralized meme token that evolved into a vibrant ecosystem." A cryptocurrency that was created as a joke in 2013, now appears to have been made in the vein of Dogecoin, and also has a Shiba Inu theme. Dogecoin is used for payments by some sports teams, and AMC theatres, and so has become a popular token. The coin has been termed as the ‘Dogecoin killer’ by several investors.