Shiba Inu (SHIB), one of the most popular meme coins, soared to an all-time high for the first time since May 11. The meme coin reached new heights of $0.00004432 over the weekend. Shiba was up over 50% in just 24 hours, according to the pricing from CoinGecko.
With a market cap of $21.4 billion, Shib is currently the 13th biggest cryptocurrency. It is getting closer to Dogecoin, which is now in 11th place with a market cap of $33..86 billion. Both coins, however, can be quite volatile.
The latest rally of Shib can be credited to an ongoing bullish trend that started about two weeks ago. Since then, Shib maintained week-long support at approximately $0.000028 before resuming a bull run to its latest record.
According to Bloomberg, Market analyst, Ben Caselin says that speculation is likely to be the key reason behind Shiba Inu's wild price action.
As of recently, the community has been abuzz with rumours about Robinhood listing Shiba Inu, which is likely to be another catalyst for the ongoing rally.
Robinhood Rumors Fueling Rally
There are rumours that crypto trading platform Robinhood is getting ready to list Shiba Inu. According to the recent tweet by a prominent Shiba Twitter account, Robinhood might be considering adding the meme coin to the list of trading assets.
Breaking NEWs: Robinhood is emailing this survey to select users of their platform.
They are including #SHIB as one of the answers to select!
Doing market research on what their consumers want.
- Shiba Inu News (@shibainuNews)
October 22, 2021
There is also a petition on Change.org urging Robinhood to list SHIB on its platform, and it has over 300,000 signatures.
However, Vladimir Tenev the Robinhood CEO did not give any comment on whether or not the company would list Shib during his interview with CNBC.
Shiba Inu is a decentralized cryptocurrency created in August 2020 by an anonymous person or persons known as "Ryoshi". The coin's website refers to it as "a decentralized meme token that evolved into a vibrant ecosystem." It was modelled off Dogecoin, which is also fashioned after the Japanese dog breed. It is also dubbed the "Dogecoin Killer."
Elon Musk Not Hodling Shiba Inu
The world richest man and Tesla CEO Elon Musk who is known for promoting Dogecoin has made it known to the public that he is not holding Shib. He disclosed this while
replying to one of the many Shiba Inu accounts on Crypto Twitter, the famous Elon Musk confirmed that he didn't own Shiba Inu, despite being a highly influential figure for that community.
Elon Musk said he only owned Bitcoin, Ethereum, and Dogecoin, It seems that Elon Musk prefers the original meme coin "Dogecoin" to the copy. The world's richest man has been actively working to improve Dogecoin and make it globally viable as a fast, cheap, and scalable medium of exchange.
Will Elon Musk's declaration have negative effect on Shib really?
Comments
Post a Comment