The second largest memecoin, Shiba Inu (SHIB), rose more than 35% on Friday after US-based Coinbase said its customers can trade, send, receive or store SHIB on its platform.
A memecoin is usually a cryptocurrency tied to some theme, often as a joke rather than a serious product.
According to digital currency price and information data platform CoinGecko, SHIB was trading at $0.00000900 or 33.5% higher at around 12.15pm IST. The market capitalization of the token is approximately $4.47 billion.
The Shiba Inu aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the world’s largest and most popular memecoin with a market cap of over $33 billion. The token was also trading up 4% at $0.253684.
The Shiba Inu is a breed of hunting dog from Japan, and the coin, which bears its name, has been nicknamed the “Dogecoin Killer”.
Unlike bitcoin, which is designed to be scarce, SHIB is intentionally abundant – with a circulating supply of a quadrillion. Today, about 500 trillion coins of this meme cryptocurrency are in circulation.
Created in August 2020 by an anonymous person named Ryoshi, the Shiba Inu coin has a negligible price, which allows investors to hold billions and even trillions of this coin.
Memecoins are highly volatile cryptocurrencies that are known to see sharp movements based on news events.
Over the past year, the Shiba Inu has given a profit of 89,76,638.5%, while Dogecoin has gained 8,933.8% during the same period. However, both coins are down by 75% compared to their respective highs.
On the other hand, blue-chip crypto, bitcoin, is up about 340% on a yearly basis.
Tesla Inc chief Elon Musk recently tweeted a photo of a new Shiba Inu puppy sleeping on the floor.
Responding to the tweet, Floki-themed cryptocurrency Floki Inu is up by over 1,000% in a matter of hours.
Dogecoin surged more than 20% in February after US-based crypto exchange Coinbase said it was listing the token on its professional platform.
In total, 63 meme tokens are being tracked by Coingecko with a combined market capitalization of approximately $38 billion.
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