Digital currency increased more than 40,000,000% after 1 year, from a joke to the 11 largest coin in the world

Over the weekend, Shiba Inu surged to a record high and became the 11th largest coin by market capitalization.

According to data from CoinGecko.com, the coin that started as a joke has increased in price by 50% in the past 24 hours. In total, in the past 1 year, SHIB has increased its price by more than 40 million percent. On Change.org, a petition calling for Robinhood to add SHIB to the list of cryptocurrencies that can be traded on the online trading platform has attracted nearly 300,000 signatures.

“Throughout 2021, from meme coins to meme stocks, all of them have proven their worth and become an investment trend,” said Jonathan Cheesman, a leader of crypto exchange FTX. “Cheap tickers are still very attractive to retail investors who can buy up to 20,000 SHIB for just 1 USD.”

Shiba Inu price movement. Source: CoinGecko.

The ecosystem behind Shiba Inu has also released a series of non-fungible tokens (NFTs) and says it’s sold out.

According to Vijay Ayyar, head of Asia Pacific markets at crypto exchange Luno, with memes like Shiba Inu, it is difficult to know the exact reason behind each price movement. However, the impacts from the retail investor communities are clearly visible. According to historical data, it is entirely possible that the price scenario will correct and plummet in the near future.

Shiba Inu was born in 2020, whose “father” is an anonymous person nicknamed Ryoshi. On the website, the coin promotes itself as “a decentralized meme coin developed in a powerful ecosystem”.

It seems that Shiba Inu is a product of Dogecoin, another meme coin born in 2013 inspired by the famous Japanese Shiba Inu dog breed. Dogecoin has become a popular digital currency, many places accept it as a means of payment such as at AMC cinema chains or some sports teams.

In the past 24 hours, Dogecoin also increased strongly, bringing the market capitalization to 34 billion USD. The market capitalization of Shiba Inu is currently about 21 billion USD. “Yes, there are 2 cryptocurrencies that started off as ‘dog jokes’ but are now in the top 10 largest coins in the world (if stablecoins are not taken into account.) Don’t go against what millennials think. is interesting,” said Cheesman.