The Shiba coin – which appears to be inspired by dogecoin, itself a meme currency – has risen more than 40% in the past seven days, according to CoinGecko. The site ranks the coin as the 11th largest cryptocurrency.
The token has gained more than 45 million percent in the past year, the site said.
Like another original Dogecoin digital currency – which is the ninth largest crypto by market value – the Shiba Coin features the dog Shiba Inu as a mascot. His meteoric rise has made some investors millionaires overnight.
Earlier this year, Ethereum co-founder Vitalik Buterin made headlines by donating $ 1 billion in shiba inu coins to a Covid-19 relief fund in India.
A Change.org petition urging the Robinhood trading platform to register Shiba Inu piece on site has collected over 300,000 signatures.
Other popular virtual currencies have also seen explosive growth. Bitcoin, the world’s most valuable cryptocurrency, hits all-time high of nearly $ 67,000 per piece last week, surpassing the previous record set in April.
Bitcoin prices have jumped 50% this month, going from just under $ 44,000 at the end of September. Bitcoin is currently trading at almost $ 62,000.
Pop was fueled by renewed hope that regulators in the United States would not crack down on cryptocurrencies, support from large investors such as George Soros, and the launch of the world’s first exchange-traded fund linked to futures contracts on the bitcoin.
– Paul R. La Monica contributed to this report.