What’s behind the rise of Shiba Inu coin?

The world of digital coins continues to grow at rapid pace, with one particular coin rising 111 per cent in its best ever week

Known as the ‘DogeCoin Killer’ – SHIB coin continues to shake up the world of cryptocurrency.

According to CoinGecko, the cryptocurrency hit a record of US$0.00008088 – which is an improvement of 140 million per cent compared to its low last year in November.

While the current price might not seem like much – it is a massive rise since the coin first listed in August 2020 at US$0.000000000972.

Shiba Inu Coin was created in August 2020, and has gained popularity around the world – particularly within India.

Created by an anonymous person who called themselves “Ryoshi” – the digital coin was intended to be a spin-off of dogecoin.

SHIB is now rivalling its predecessor for market cap after breaking the $US30 billion barrier.

The digital currency coin features the Japanese dog as its mascot, and is now nipping at the heels of Dogecoin, which sits in 10th place among cryptocurrencies for market cap at $US31 billion.

Much of the spike is credited to rumours about the coin being listed on trading platform Robinhood

Those rumours have ironically seen SHIB reach a bigger market cap than Robinhood — which is at US$30 billion.

The rumours have seen SHIB’s price rise drastically in recent weeks.

Robinhood hasn’t yet listed the coin, although had sent a survey to users on Monday, asking which cryptocurrencies they trade and included shiba inu as an option.