Over the weekend, Shiba Inu hit new highs, becoming the 11th-largest cryptocurrency in terms of market capitalization. Shiba Inu, also known as SHIB, was up 50% in the 24 hours leading up to 10:10 a.m. New York time on Sunday, according to CoinGecko.com, and had hit a new high earlier in the day.
Shiba Inu also known as (SHIB) reached new highs over the weekend, becoming the 11th-largest cryptocurrency in terms of market capitalization. SHIB was up 50% in the 24 hours through 10:10 a.m. New York time on Sunday, according to CoinGecko.com, and had hit a new high earlier in the day.
Last month, Shiba Inu gained nearly 40% after Coinbase announced that its customers can trade, transmit, receive, and store SHIB on its platform.
According to Money Control, Shiba Inu is the most popular cryptocurrency on the WazirX exchange in India, with Tether and Bitcoin coming in second and third, respectively.
SHIB was founded in 2020 by an anonymous person who went by the name Ryoshi. Its website describes it as “a decentralized meme token that evolved into a vibrant ecosystem.”
It appears to be inspired by Dogecoin, a cryptocurrency that was launched in 2013 as a joke. It also features a Shiba Inu theme, named after the Japanese dog breed.
Dogecoin has since grown in popularity and is now accepted by a number of businesses.
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