Shiba Inu (SHIB) Breaks New All-Time High Amid Robinhood Listing Rumors
Meme coin Shiba Inu (SHIB) has been performing well since it jumped to an all-time high for the first time since May 11. SHIB reached new heights of $0.00004432 over the weekend, and the meme coin was up over 50% in just 24 hours.
With $15.5 billion market cap, Shiba Inu sits as the 13th biggest cryptocurrency. It is moving closer to Dogecoin, which is currently in 9th place with a market cap of $36 billion. Both coins, as the historic charts show, can be quite volatile.
Shiba Inu’s latest rally can be attributed to an ongoing bullish trend that started about two weeks ago. Since then, Shiba Inu maintained week-long support at approximately $0.000028 before resuming a bull run to its latest record.
Ben Caselin, head of research and strategy at crypto exchange AAX, told Bloomberg on Sunday:
“At this moment attention seems to have converged on SHIB and speculation is the primary driver of the price surge.
Prior patterns and dynamics in crypto indicate that SHIB is likely to be challenged by other projects and shed much of its value further along in the market cycle.”
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 modeled off Dogecoin, which is also fashioned after the Japanese dog breed.
Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno Pte., commented on meme coins:
“With such meme coins it’s hard to speculate on the actual reasons for price movements, in all honesty.
[But], there are some interesting communities being built around them.”
Robinhood Listing Rumors Feeding The Rally
Recent rumors that crypto trading platform Robinhood is getting ready to list Shiba Inu, have been a catalyst for the recent rally. According to a tweet by Shiba Inu News Twitter account, Robinhood might be in the process of 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!
There is also a petition on Change.org urging Robinhood to list SHIB on its platform, and it has over 300,000 signatures, with a target of 500,000.
Robinhood CEO Vladimir Tenev reportedly refused to comment about whether or not the company would make the listing in interview with CNBC earlier this week.
