Shiba Inu soars 50% to reach all-time high

Becoming the 11th biggest cryptocurrency

Shiba Inu (SHIB), the popular meme token, reached a new all time-high yesterday, becoming the 11th-biggest cryptocurrency.

On October 24th, Shiba Inu was up nearly 50% in the past 24 hours, extending the month-to-date gain to almost 500%. The coin hit a new record as it traded at $0.00004431, according to CoinGecko.

Shiba Inu now holds the biggest circulating supply of nearly 395 trillion. In September, the token jumped over 40% after Coinbase announced its customers could trade, send, receive, or store it on its platform, along with Tesla CEO Elon Musk tweeting a picture of his new Shiba Inu puppy called Floki.

“Memes have value and have been an investible thesis in 2021," Jonathan Cheesman, head of over-the-counter and institutional sales at crypto exchange FTX, said in an email Sunday. He went on to say, “lower dollar-price tokens are attractive to retail," as investors can still buy over 20,000 SHIB for just $1.

Public.com on Wednesday added SHIB to the lineup of crypto, which members can trade on its platform. Robinhood has kept quiet about the idea of supporting SHIB, but sources have revealed Robinhood may be planning to list the cryptocurrency soon.

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