The meme-based altcoin Shiba Inu turned higher on Monday after a torrid rise over the weekend, while the price of Bitcoin and other Bitcoin stocks rose.
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The run for the coin, worth a fraction of a cent, comes as interest grows in cheaper, meme-based cryptocurrencies prone to sudden big moves. And it follows similar action this year from the meme-based cryptocurrency Dogecoin, a digital asset started in 2013 as a joke.
As is typical for such assets, the exact reason for Shiba Inu’s sudden rise and fall is unclear. But Tesla (TSLA) CEO Elon Musk — whose Twitter page has fueled the rise of Bitcoin and the meme-based cryptocurrency Dogecoin — on Sunday tweeted that he wasn’t holding any Shiba Inu.
His tweet came in response to a question about how much of the digital asset he had.
Shiba Inu, or SHIB, rose 129.5vs. 24 hours earlier, to $0.000042. On Sunday, the digital asset reached a value of as high as $0.000044, after trading at around half that in prior weeks.
As Bloomberg noted, a petition on Change.org asking the online trading platform Robinhood (HOOD) to list Shiba Inu had gathered more than 300,000 signatures.
That petition noted Shiba’s listing on the cryptocurrency exchange Binance, and said the coin’s “momentum grows by the hour.”
Price of Bitcoin, Bitcoin Stocks
The price of Bitcoin rose 3.4% vs. 24 hours earlier to $62,734. Bitcoin hit a record $66,974.77 last week. Dogecoin rose 2.7% to below $0.27. Ethereum was up 3.6% to $4,195.
Among Bitcoin stocks, the cryptocurrency exchange Coinbase (COIN) jumped 8.2%. Marathon Digital (MARA) was up nearly 11%.
MicroStrategy (MSTR) rose 3.8% to 746.02. The stock is in a cup base with a 798.10 buy point.
Robinhood, which has tried to expand its appeal to crypto traders, fell 1.5%.
Shiba Inu was created last year by someone using the name Ryoshi. According to Binance, the coin was “designed to be an Ethereum-compatible alternative to Dogecoin.”
A website with information on Shiba describes itself as a “decentralized meme token that evolved into a vibrant ecoysystem.” A separate website also displays Shiba Ini-generated non-fungible tokens.
A “woof paper” for the coin said that one of its founding principles was: “We love Shiba Inu Dogs.”
Follow Bill Peters on Twitter at @IBD_BPeters.
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