Shiba Inu rose to record highs over the weekend and became the 11th-biggest cryptocurrency by market value.
According to the pricing from CoinGecko.com, Shiba Inu, also known as SHIB, was up 50 per cent in the 24 hours on Sundaym after reaching a record earlier in the day.
Shiba Inu surged nearly 40 per cent last month after US-based Coinbase said its customers can trade, send, receive or store SHIB on its platform.
Shiba Inu also topped the WazirX exchange in India, in terms of volume. Tether and Bitcoin trailed in second and third position respectively, according to the website Money Control.
Shiba Inu, whose website refers to it as a decentralized meme token that evolved into a vibrant ecosystem”, was founded in 2020 by an anonymous person named Ryoshi.
Dogecoin, a cryptocurrency that was created as a joke in 2013, is said to be the forebear of this cryptocurrency. The Shiba Inu theme was developed after the Japanese dog breed of the same name.
Dogecoin has since become a popular token and is used for payments by some sports teams, AMC theatres and others, as its stocks rise.