Shiba Inu Hits All-Time High As Cryptocurrency Rally Continues

Shiba Inu, the joke cryptocurrency, has reached an all-time high and is now one of the biggest digital currencies by market value.

Shiba coin, whose creation was inspired by meme currency Dogecoin, is up more than 40% over the last seven days. With the latest rally, Shiba Inu is now the 11th biggest cryptocurrency.

The digital token has gained more than 45 million per cent year-to-date. It fell about 10% from its all-time high after Tesla (NASDAQ:TSLA)leader Elon Musk tweeted that he does not own any Shiba coin.

Like another quirky digital currency, Dogecoin, which is the ninth biggest cryptocurrency by market value, Shiba coin features the Shiba Inu dog as its mascot. Its meteoric rise has made some investors millionaires overnight.

Other popular digital currencies have also seen explosive growth. Bitcoin, the world's most valuable cryptocurrency, hit an all-time high of nearly $67,000 per coin last week, topping the previous record set in April of this year.

Bitcoin prices have surged 50% this month, from just under $44,000 at the end of September. Bitcoin is currently trading at almost $62,000.

The rally has been sparked by renewed hopes that regulators in the U.S. would not crack down on cryptocurrencies, support from big investors such as George Soros and the launch of the first U.S.-based exchange traded fund (ETF) tied to Bitcoin futures.