Meme cryptocurrency Shiba Inu (SHIB) has amassed one million holders pushing the token’s value to $0.000044 on Thursday.
That equated to an 18% rise over the 24-hour period following the announcement. Since then, SHIB has self-corrected to $0.000041.
SHIB’s Twitter account released a statement commending the ShibArmy (the moniker used by the creators of the currency to address the community) on a remarkable milestone.
“Today we all cheer, and celebrate this great moment in SHIB’s history”, the handle said.
SHIB has been trying to tread on Dogecoin’s territory and in November the currency was listed on Gemini, giving it yet another boost in pricing.
Yet, the current milestone is a far cry from the currency’s all-time high of $0.00008616 reached on October 28, 2021.
Despite its valuation, SHIB managed to briefly overtake DOGE in terms of market capitalization according to CoinMarketCap, giving investors renewed hope.
While optimism reigns over meme cryptocurrencies in some parts of the crypto community, not everyone agrees. In the UK, meme currencies such as Floki Inu have come under heavy criticism.
India issued a warning about “disingenuous crypto ads” earlier this week before proceeding to ban crypto altogether on Thursday.
Dogecoin has mostly rode on endorsement by popular individuals, including Tesla CEO and founder Elon Musk.