"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.
"Yes, that’s right -- there are two doggy meme coins in the top 10" cryptos excluding stablecoins, Cheesman said. "Don’t short things Millennials think are funny."
Shiba Inu was founded last year by an anonymous person only known as "Ryoshi," and its website describes the coin as "a decentralized meme token that evolved into a vibrant ecosystem."
A petition on Change.org with more than 300,000 signatures is calling on popular investing and stock trading app Robinhood to list SHIB on its platform, noting its success in recent weeks.
"Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2000% in the last weeks! Gaining new ground by the day," the petition states.