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Shiba Inu’s market value sits at around $21 billion.
Shiba Inu cryptocurrency jumped 50% over the weekend, becoming the 11th-largest cryptocurrency.
“Memes have value and have been an investible thesis in 2021,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, said in an email on Sunday, Bloomberg reported. He added that, “lower dollar-price tokens are attractive to retail” because investors can buy more than 20,000 SHIB for $1.
Shiba Inu skyrocketed 50% over a 24-hour period from Saturday to Sunday morning, and traded as high as 0.00004442 in the last day. Its market value sits at around $21 billion, and reached more than 1 million new traders last week.
Overall, the token has gained more than 40,500,000% in the past year, Bloomberg reported.
Another cryptocurrency, Dogecoin, also jumped over the weekend, with its market value sitting at about $33 billion.
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