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Shiba Inu coin reaches highs to become new crypto darling

Dogecoin has some competition.

Oscar Gonzalez Former staff reporter
Oscar Gonzalez is a Texas native who covered video games, conspiracy theories, misinformation and cryptocurrency.
Expertise Video Games, Misinformation, Conspiracy Theories, Cryptocurrency, NFTs, Movies, TV, Economy, Stocks
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Oscar Gonzalez
Shiba Inu coin is a new favorite for crypto traders

Shiba Inu coin is a new favorite for crypto traders.

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The parody altcoin Dogecoin grabbed attention earlier in the year as it made big gains in the crypto market. Now, another altcoin, called Shiba Inu, has the attention of traders.

Shiba Inu launched in August 2020. It has grown by more than 70,000,000% in the past year and 960% just this past month, according to Coinbase. The coin reached a record high of $0.000086 Wednesday afternoon and currently sits at $0.000073 as of Wednesday, up from $0.0000000001 from last October. This gives the altcoin a $30 billion market cap, making it No. 11 on the CoinMarketCap's list. It's right behind Dogecoin at $31 billion. 

Shiba Inu's rise in value is partly due to a rumor of it being available to trade on the investing app Robinhood. A Change.org petition requesting Shiba Inu to be added to the app currently has more than 360,000 signatures. 

Robinhood tweeted on Oct. 19 that it had no announcement regarding adding the coin. 

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