What Happened: Shiba Inu was trading in a $0.000026-$0.000028 range for much of last week, even as some of its more illustrious counterparts, namely Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) scaled to new all-time highs.
Shiba Inu and Doge were panned for underperforming the broader cryptocurrency market.
However, things began taking a turn for the better for Shiba Inu on Saturday, as it along with Dogecoin began leading a rebound in the broader crypto market.
Shiba Inu ended Saturday’s session at $0.000034, up about 21.4% for the day. The rally in the meme currency picked up further steam on Sunday, as it began a steady ascent and is currently perched at an all-time high.
Related Link: How to Buy Shiba Inu Coin (SHIB)
Why It’s Important: Shiba Inu was founded in Aug. 2020 by an anonymous person known by the name Ryoshi reportedly operating out of China.
SHIB started with a supply of 1 quadrillion and subsequently Ryoshi locked 50% in Uniswap and then burned the other half to Ethereum co-founder Vitalin Buterin for safekeeping. Buterin has since donated his SHIB to COVID relief efforts in India, and then burned 40% of its total supply to a dead wallet.
The crypto received a shot in the arm in September when Coinbase Global, Inc. (NASDAQ:COIN) said its customers can trade, send, receive, or store SHIB on its platform.
At last check, Shina Inu was jumping 49.44% to $0.000041. 24-hour trading volume has also been robust at $11 billion. The crypto is now ranked 12th on CoinMarketCap with a market cap of $16.6 billion.
Related Link: Bitcoin Vs. Shiba Inu