Shiba Inu (SHIB) has soared to another all-time high, setting its new record at US$0.00005486 today, according to CoinMarketCap data. It is now the 11th largest cryptocurrency with a market cap of US$21.5 billion.
- In the last 24 hours, SHIB’s price has surged over 32%. SHIB’s price has been surging since the weekend after SHIB community Twitter account @ShibaInuNews shared a screenshot on Saturday of the survey Robinhood conducted to see if it should list SHIB.
- Shiba Inu set an all-time high on Sunday at US$0.00004442 after surging 60%. At the time, SHIB was the 13th largest cryptocurrency by market cap. It then broke the record and set a new high at US$$0.00004853 on Tuesday.
- The price rally that began over the weekend was further fueled after a crypto whale — people who hold huge amounts, usually millions, worth of crypto — bought US$11.5 million worth of SHIB tokens on Monday.
- Shiba Inu started off as a joke on a joke — it was a joke spin-off of popular cryptocurrency Dogecoin which itself is a meme coin. SHIB is named after the small breed of dog that has become the face of Dogecoin. Over the weekend, SHIB’s older brother Doge has also been surging although it has not sustained its highs. Dogecoin jumped 8% over the weekend after Tesla and SpaceX CEO Elon Musk referenced the token in a tweet on Saturday.