Shiba Inu Reaches Record High After 59% Surge in 24 Hours

Shiba inu, a dog-inspired cryptocurrency, has surged 59% in the last 24 hours and reached an all-time high above $0.00007, according to data from Coin Gecko.

The meme token now ranks as the 9th-largest cryptocurrency with a market capitalization of more than $33 billion USD, according to CoinMarketCap. During its surge, Shiba inu beat out Dogecoin, which is currently the 11th-largest cryptocurrency with a market cap above $31 million USD.

Shiba inu, which is billed as a “dogecoin killer,” builds its branding off of the same animal that dogecoin is based on, utilizing an image of a Japanese shiba inu dog to represent its trade. The coin was established in August 2020 by an anonymous collective known as “Ryoshi.” Shiba inu’s creators call the coin “an experiment in decentralized spontaneous community building,” according to CNBC.

Shiba inu is an Ethereum-based ERC-20 token, which means it is generated and hosted by the Ethereum blockchain, instead of its own.

The coin has experienced a surge due to a large push for online trading platform Robinhood to add shiba inu to its service. Supporters created a petition on Change.org, which currently has more than 350,000 signatures. Robinhood has not made a public statement on whether or not it will support shiba inu.

Elsewhere, Robinhood sees crypto trading revenue drop from $233 million USD to $51 million USD.
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