Shiba Inu Jumps 50 Percent, Becomes 11th Largest Cryptocurrency

New Delhi: Shiba Inu cryptocurrency has registered a jump of 50 percent in the last 24 hours and became 11th biggest cryptocurrency by the market value on Sunday.

According to the report of CoinGecko (CoinGecko.com), Shiba prices have reached their record levels during this period.

According to FTX, the Shiba Inu coin remains attractive for retail investors. In fact, even after the big boom, one can buy more than 20,000 Shiba Inu coins for just a price of $1. The market market value of Shiba Inu, has reached around $ 21 billion.

As per the CoinGecko, Dogecoin has also achieved a sharp increase in the last 24 hours. With this, the market value of this cryptocurrency has reached 33 billion dollars.

''It is difficult to predict the reasons for this rise in prices at the moment,'' said Vijay Iyer, Asia-Pacific region head of crypto exchange Luno Pte on Sunday.

Shiba Inu was founded in 2020 by Ryoshi. It was started as a joke with the cryptocurrency Dogecoin, which was launched in 2013. Dogecoin quickly gained popularity after it was introduced to pay for some sports teams, AMC theaters and other financial institutions.

It is believed that a lot of upheaval can be seen in both Shiba Inu and Dogecoin. In such a situation, both coins are maintaining a place in the top 10. According to Coinbase.com, the Shiba Inu has climbed more than 8000 percent in the past year, while Bitcoin is the oldest cryptocurrency and has low volatility.

Earlier on October 6, 2021, After a massive jump, Shiba Inu Coin (SHIB) had once again surprised the cryptocurrency market. Reportedly, Shiba had witnessed such jump this time after a tweet by Tesla Chief Executive Officer (CEO) and Dodgecoin investor Elon Musk.

It was trading at $0.0000223 i.e. Rs.0.0016725. Meanwhile, most of the major cryptocurrencies were trading in the green October 6 or their prices increased.

The cryptocurrency is also known as 'Dodgecoin killer'. As per the reports, the creators created it after getting inspired from DodgeQueen.

However, the creators of Shiba Inu intended to make SHIB more than just a joke.

The SHIB token is an ERC-20, compatible with the Ethereum network. The Shiba Inu has been called the 'Dodgequin killer' by its community.

Due to the volatile and unpredictable nature of the crypto market, often cryptocurrencies are pumped which can't be on top.

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