'Doggy meme coin' jumps 50%, becomes 11th largest crypto coin
Shiba Inu's market value sits at around $21 billion
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Shiba Inu cryptocurrency jumped 50% over the weekend, becoming the 11th-largest cryptocurrency.
"Memes have value and have been an investible 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 reported. He added that, "lower dollar-price tokens are attractive to retail" because investors can buy more than 20,000 SHIB for $1.
Shiba Inu skyrocketed 50% over a 24-hour period from Saturday to Sunday morning, and traded as high as 0.00004442 in the last day. Its market value sits at around $21 billion, and reached more than 1 million new traders last week.
UKRAINE - 2021/06/03: In this photo illustration, a cryptocurrency Shiba Token $SHIB (Shiba Inu) logo is seen on a smartphone with a pc screen in the background. (Pavlo Gonchar/SOPA Images/LightRocket via Getty Images / Getty Images)
Overall, the token has gained more than 40,500,000% in the past year, Bloomberg reported.
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Another cryptocurrency, Dogecoin, also jumped over the weekend, with its market value sitting at about $33 billion.
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"Yes, that’s right -- there are two doggy meme coins in the top 10" cryptos excluding stablecoins, Cheesman said. "Don’t short things Millennials think are funny."
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Shiba Inu was founded last year by an anonymous person only known 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 more than 300,000 signatures is calling on popular investing and stock trading app Robinhood to list SHIB on its platform, noting its success in recent weeks.
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"Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2000% in the last weeks! Gaining new ground by the day," the petition states.