What happened 

Shiba Inu (SHIB 0.41%) soared more than 60% to a record high above $0.00008 on Wednesday, furthering a staggering rally in the popular cryptocurrency's price in recent days. 

So what

Shiba Inu is now the 11th most valuable cryptocurrency, with a total market value of more than $28 billion, according to CoinMarketCap. Supporters of the so-called meme coin believe it's a worthy rival to Dogecoin (DOGE -1.15%), a controversial cryptocurrency that was created as a joke and went on to rocket in value.

Shiba Inu is now within striking range of displacing Dogecoin in the vaunted top 10 list of most valuable cryptocurrencies. After declining by roughly 7% on Wednesday, Dogecoin's market value now stands at roughly $31.6 billion. 

An upwardly sloping stock chart.

Shiba Inu's coins have soared in value over the past year. Image source: Getty Images.

Shiba Inu's recent gains are being driven in part by a petition to get the cryptocurrency listed on popular online trading platform Robinhood (HOOD 6.60%). Exchange listings can make it easier for investors to purchase cryptocurrencies, and a debut on Robinhood could help to drive excitement for Shiba Inu even higher among traders.

Now what

Yet, investors might want to exercise some caution in regard to buying Shiba Inu at these levels. Regulators are stepping up their scrutiny of crypto trading platforms, which could force Robinhood to hold off on making Shiba Inu available for trading to its customers.

"We're going to be very careful," Robinhood CEO Vlad Tenev said when discussing the topic of increased regulation and the risks posed by new coin listings during the company's third-quarter conference call on Tuesday.