According to data from CoinMarketCap, Shiba inu coin soared more than 20% on Tuesday to hit a record high of $0.00004853
Shiba inu coin, is a meme-based cryptocurrency that is based off another meme-based cryptocurrency that makes fun of cryptocurrencies altogether.
The meme coin hit another all-time high of $0.0000593 today, its overall market value breached the $23 billion mark. Shiba Inu is now the 11th largest cryptocurrency by market cap in the world, CoinMarketCap reported.
Shiba Inu through all of October has been racing up and up — also dubbed ‘Uptober’ by the online community alongsidew the other cryptocurrencies, including the world’s oldest cryptocurrency, Bitcoin, all hitting record highs. The token has doubled in value during the last week alone.
The surge in shiba inu brings a renewed wave of risk-on sentiment among cryptocurrency traders, especially after bitcoin surged to record highs earlier this month at about $67,000. Shiba inu’s surge this Tuesday suddenly moved its market value to $18.8 billion, making it the 11th largest cryptocurrency.
To hit the top 10, shiba inu coin will have to nearly double its levels to take over USD coin’s market valuation of about $33 billion. Dogecoin, the inspiration for shiba inu coin, would be the next target for shiba inu. It has a $35 billion valuation.
Although Bitcoin has since corrected to just over $60,000 from its peak of $67,000, Shiba Inu continues to go up. And in the last 24 hours, the cryptocurrency has jumped up by 40% more with an anonymous crypto whale while individuals that hold a massive amount of cryptocurrencies — buying up 276.6 billion SHIB tokens worth around $11.5 million at the time of purchase.