SHIBA Inu’s (SHIB) price has increased by nearly 50 per cent in the last 24 hours (October 24), reaching a new all-time high and becoming the 11th-biggest cryptocurrency by market value.
But why has the meme coin and self-proclaimed “Dogecoin killer” surged in value?
Why is Shiba Inu’s (SHIB) price rising?A petition on Change.org asking Robinhood to list SHIB on its platform has reached more than 300,000 signatures.
The Shiba Inu coin reached $0.0000455 on October 24, topping the previous record of $0.0000388 reached on May 10.
This extends Shiab Inu’s month-to-date gain to almost 500 per cent with the cryptocurrency gaining more than 40,500,000 per cent in the past year.
Why has Shiba Inu’s price previously increased?Shiba Inu was developed by ‘Ryoshi’ and launched in July 2020.
In the first ten days of May,
Shiba Inu’s price increased after the coin was listed on a number of large exchanges.It then reached an all-time high on May 10, 2021 after being listed on Binance.
On May 12, Vitalik Buterin donated $1billion worth of SHIB to a Covid-19 relief fund in India causing the token to half in value.
After months of little movement, Shiba Inu’s price increased by 34 per cent on September 16 after Coinbase listed the coin.
The price then increased by over 200 per cent in October’s first week on the back of increased buying by whales and large investors.
Billionaire Elon Musk’s picture of his new Shiba Inu puppy with the caption Floki Frunkpuppy on Twitter also caused the coin’s value to soar.
The price then increased again as the team behind Shiba Inu entered the NFT space
and released a digital collection of 10,000 “lovable creatures” on October 14 which sold out in just over 35 minutes.One of the largest Brazilian exchanges Novadax as well as trading app Public listed SHIB on October 20.