The parody crypto coin is up more than 40% over the last seven days, according to CoinGecko.
According to the website, the token has gained more than 45 million per cent in the past year.
It later fell about 10 per cent after Tesla boss Elon Musk - who's tweets tend to influence how a crypto performs - said he didn't own any.
Given it's recent popularity, some companies have begun accepting Shiba Inu as payment.
There companies include:
Much like fellow parody digital currency Dogecoin — which is the ninth biggest crypto by market value — Shiba coin features the Shiba Inu dog as its mascot.
The crypto has also received the backing of many stars.
Earlier this year, Ethereum co-founder Vitalik Buterin made headlines by donating $1 billion worth of shiba coin to a Covid-19 relief fund in India, according to CNN.
A Change.org petition urging trading platform Robinhood to list Shiba Inu coin on site has garnered more than 300,000 signatures.
How can I pay with Shiba Inu?Shiba Inu is a community-driven cryptocurrency, the functionality of which includes a decentralized exchange (ShibaSwap), a platform for working with NFT, as well as profitable tools for passive income, according to NOWPayments.
The project was launched in 2020 on the Ethereum blockchain, therefore SHIB is an ERC-20 token.
According to NOWPAYMENTS, customers wishing to pay with the crypto will have to sign up to a NOWPayments account.
From there, they'll be asked to set up a Shiba Inu wallet and create a new API key. After that, they'll be able to purchase any item using the crypto.
What is cryptocurrency?
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
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