The popular meme cryptocurrency Shiba Inu (SHIB) hit a new all-time high of $ 0.00004442, which represents an increase of more than 40% in 24 hours, while surpassing 16.5 billion in market capitalization.
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SHIB Hits Record
In the early hours of Sunday, the shiba inu cryptocurrency registered a new all-time high of $ 0.00004442. This new ATH represents a growth of more than 40% in 24 hours and 60% in 7 days, according to data from Coin Gecko.
SHIB's new all-time high also coincides with significant growth in Shiba Inu's market capitalization. At the same time, the cryptocurrency meme hit an all-time high of $16.4 billion in market capitalization, after surging nearly $4 billion in the last 24 hours.
The new record follows a series of milestones recently reached by the cryptocurrency meme. A few days ago BeInCrypto reported that SHIB had eclipsed all other altcoins after a major rally, including those in the top 10 for market capitalization.
On October 11, SHIB garnered 419 mentions in one hour, while bitcoin came in second with 307. This was followed by ethereum, with 188 mentions, and DOGE, with 134 mentions. One element that prompted this new all-time high is the recent listing of SHIB in the Robinhood Markets Inc (NASDAQ: HOOD) trading app.
At Musk’s Mercy
As reported by CNN, the token has gained more than 45 million percent in the past year.
After the peak, however, “It later fell about 10% from its all-time high after Tesla CEO Elon Musk –who is a big fan of dogecoin– tweeted that he does not own any shiba coin. Musk's tweets have frequently moved crypto markets.”
Three weeks ago, on October 4, Musk tweeted a photo of his dog –a Shiba Inu– and the digital currency soared 238% in four days.
Dogecoin, the other cryptocurrency based on a meme also affected by Musk’s tweets –which had reached $0.27– closed the day at $0.24.
The main cryptocurrency by market capitalization –of which Musk acknowledged having tokens– is slightly increasing its price: bitcoin closed on Sunday 24 at around 60,000 and currently stands at 62,000, which represents a 2.84% growth.
Overall, the crypto market has had an excellent week, having surpassed $ 2.6 trillion and with bitcoin and ethereum hitting all-time highs.