Shiba Inu zooms to record highs, becomes 11th-biggest crypto coin

Shiba Inu rose to record highs over the weekend to become the 11th-biggest cryptocurrency by market value. According to the pricing from CoinGecko.com, Shiba Inu, also known as SHIB, was up 50 per cent in the 24 hours through 10:10am New York time on Sunday and reached a record earlier in the day.

Shiba Inu surged nearly 40 per cent last month after US-based Coinbase said its customers can trade, send, receive or store SHIB on its platform.

Shiba Inu tops the WazirX exchange in India in terms of volume with Tether and Bitcoin trailing behind on second and third respectively, according to Money Control.

Shiba Inu, whose website refers to it as “a decentralized meme token that evolved into a vibrant ecosystem”, was founded in 2020 by an anonymous person who called themself Ryoshi.

It appears to have been made in the vein of Dogecoin, a cryptocurrency that was created as a joke in 2013. It also has a Shiba Inu theme after the Japanese dog breed of the same name.

Dogecoin has since become a popular token and is used for payments by some sports teams, AMC theatres and others.

Dogecoin has also gained in the past 24 hours, according to CoinGecko. Its market value is about $34 billion, while Shiba Inu’s is around $21 billion.